Listed firms called out over profit warnings

An employee makes notes in front of an electronic stock information screen inside the Nairobi Securities Exchange Ltd. (NSE), in Nairobi, Kenya. [Bloomberg]

An industry survey has blamed the sharp drop in the profit of publicly listed firms on poor management and not a slowdown in the economy last year. 

A new report by Investment Company ICEA Lion Asset Management released yesterday found little, if any, relationship between the state of the economy and profitability among listed firms, discrediting what has become the most common excuse for most struggling companies.