FTN Cocoa posts 97.3 % revenue drop in Q3

FTN Cocoa processors of the agric and agro allied sector of the Nigerian stock exchange has demonstrated commitment to emerging one of the leaders in the sector following release of its third squarer result for the period ended 30th September 22017.

Although, the results sustained negative fundamentals, but points to stronger future as soon as the ongoing restructuring of the is completed.

FTN cocoa Processors Plc reports and financial statements for the period ended 30 September, 2017.

The result showed that revenue dropped by Revenue 97.3 per cent to N22,658 , compared with N842,138 posted in the prior period of 222016.

Loss before taxation closed higher at N419,730, from N263.352 in the same period of 2016, accounting for 59.38 per cent increase, this also accounts for 59.38 per cent loss after tax for the company still undergoing restructuring.

FTN Cocoa Processors Plc was incorporated on 26 August 1991in Nigeria as a private company limited by shares under the name Fantastic Abiola Nigeria Limited which later became Fantastic Traders Nigeria Limited on 26 August, 1998. The company became a public limited liability company on 29 February, 2008 and got listed on the Nigeria Stock Exchange. The principal activities of the company is the processing of cocoa beans and palm kernel into cocoa cake, cocoa liquor, cocoa butter, palm kernel oil and palm kernel cake for export and sales to local manufacturing companies.

According to the result, Loss per share increased to 19.08k from 11.97k recorded in the same period of 2016, accounting for 59.38 per cent loss per share.

The company is not liable to tax as a result of the loss made for the year. The company has remained on Pioneer status approved for the company by the Nigerian Investment Promotion Commission with effect from 1 January, 2010.