Interlinked technologies Q3 2017 records 31% drop in gross profit
..As profit before interest and tax records -822 %
Interlinked technologies Plc has showed continued adverse impact of the macroeconomic environment in its operations, as recently released third quarter result weak performances.
The result made available to the public by the Nigerian Stock Exchange (NSE) on Wednesday showed that the company’s revenue for the third quarter accounting period ended 31 March 2016, declined to N75.734 million, against N101.658 million recorded in the corresponding period 2016, accounting for 26 per cent drop in revenue.
The company’s loss from valuation of equity investment measured at fair value through other comprehensive income (OCI) stood at N13.059 million, against N1.808 million in 2016 Q3.
According to the result, cost of sales however dropped to N54.893 million, against N71.271million, accounting for 23 per cent in cost of sales, while gross a profit N20.841 million was recorded, which in 2016 nine months operating period stood at N30.381million, indicating a 31 per cent drop.
The Q3 periodic result for interlinked technologies revealed that distribution cost closed the period at N2.5 million, from N1.805 million, indicating 39 per cent margin.
Administration expenses rose to N28.350 million, from N24.271 million recorded in third quarter 2016, showing 17 per cent increase in the cost of running the business.
However, loss before interest and tax stood at N13.059 million, against N1.808 posted in the corresponding period in Q3 2017, reflecting -822 per cent loss.
Interlinked Technologies Plc was incorporated in 1981 as Raychem Nigeria Limited, exclusively devoted to the distribution of the then novel Heat Shrink Technology pioneered by Raychem Corporation of Menlo Park, California, USA.
Its major market was in electrical power distribution, telecommunications outside plant and industrial process temperature maintenance.
