Austin Laz closed 2016 year at N146 million LBT

The challenging business operating environment continued to impact negatively on manufacturing companies in Nigeria, reflected by Austin Laz Plc 2016 audited financial statement.
The company’s 2016 financial year result recently released showed that it recorded loss before tax of N146,038 million in 2016 financial year, against N58,499 million posted in 2015 financial year
During the period, the company which specializes in the manufacturing and sale of Building materials, and thermoplastics as it principal activities, made tax payment of N88 million, while in 2015 financial year, N593 million was expended in tax.

The result further showed that in 2016 financial year, Austin Laz recorded profit after tax of N146, 126 million, which reflected growth by about 120 per cent, from N59.092 million in 2015
Profit for the company brought forward stood at N33, 916 million, against N25,176 million profit brought forward in 2015.
The result showed that in 2016, profit carried forward stood at N180,042 million, while in 2015, it was N33,916 million. Based in the result, the Directors did not recommend payment of any dividend to members.

The result further showed that turnover stood at N217,428 million, from N261,055 in 2015.Gross Profit dropped to N9,167 million, against N33,742million in 2015
However, in respect of the company’s poor financial performance in recent years, no dividend is being recommended by the Directors. The Directors are making serious efforts to infect capital returns into the company which will enhance financial capability of company