FTN Cocoa Processors loss position worsens in Q1 2017

…Loss before tax closes at -64%, Revenue records 99% drop
FTN cocoa processors, reports and financial statements for the period ended 31 March, 2017 showed that the company’s profit and loss though inclined to recovery, ended on depressive note.

The result recently released by the Nigerian Stock Exchange (NSE) showed that ,Revenue declined to N3,305million from N341,441 million, representing 99 per cent drop, Loss before taxation increased to N102,884 million, from N62,568 million in first quarter 2016, accounting for 64 per cent decline.

According to the result, Loss after taxation also stood at N102, 884 million, from N62, 568 million in Q1 2016, while loss per share stood at 4.68kobo from 2.84kobo in 2016 Q1, indicating 64 per cent drop.

The company’s total assets value declined slightly to N5,129,592 billion, from N5,276,690 billion in Q1 2016, reflecting 3 per cent drop. While total liabilities stood at N4, 038,513 billion, from N4, 082,727 in Q1 2016, reflecting 1 per cent drop.

Revaluation reserve stood at N983, 017 million, as recorded in Q1 2016.total equity stood at 1,091,078billion, from 1,193,963 billion in Q1 2016, a 9 per cent decline.

Meanwhile, cross section of experts maintained that the agriculture and agro allied based company is at the verge of bouncing back to profitability and vibrancy, based on opportunities being provided by the federal government and financial institutions to support serious agro based investments.