Turnstar Posts Disappointing Results

The company's turnover increased by 5.8 percent to P40.2 million from P38 million.  However net profit was stagnant at P26.2 million compared to P26.0 million the company made at the same period last year.

This was due to a 7.9 percent increase in operating expenses.  The balance sheet is also stagnant, with assets increasing maginally by 0.5 percent. Even though the company has no long term debts, its deffered taxation continued to grow to P41 million representing 8.5 percent of the balance sheet. An interim dividend of P0.07 (comprising a dividend of BWP 0.01 and debenture interest of BWP0.06) was declared, payable to shareholders registered in the books of the company at the close of the day on November 20, 2009. The company is currently engaged in the development of Game City Phase Two, which is expected to be completed by mid-2010.