Interlinked Technologies revenue declines by -30%

…records 207% Q1 loss

The challenging operating continued to weaken performances of listed companies as earnings sustain declining trend while operating expenses expand.

Interlinked Technologies loss for the Q1 period grew by -207 per cent. Finance cost by 33 per cent, to N1.3bn from N980m in Q1 2015, profit before tax dropped by 207 per cent to N 1.6 billion from N1.5 billion. Loss for the period also stood at N1.6bilion, from N1.5billion.

The company’s unaudited statement for the first quarter ended September 30th 2016 reflects massive drop in key market measuring indices which going by the company’s highly competitive sector, may worsen by the second quarter accounting period ending by December 31st 2016.

The company’s unaudited result rendered to the Nigerian Stock Exchange (NSE) recently showed that revenue declined by 30 per cent to close at N4.1 billion from N6.0 billion in the corresponding period of 2015. The result further showed that while cost of sales increased, profit declined during the period, distribution cost also soared, eating up earnings which could have hedge higher margin drop in Profit and loss lines (P/L). Q1 cost of sales for interlinked technologies declined by 34 per cent to N3.1 billion from N4.8 billion in the corresponding period of 2015. Gross profit declined by 11 per cent to N10.6 billion, from N12 billion in 2015. Distribution cost soared to N830 million from N755 million, representing 10 percent increase. The company’s administrative cost rose by 15 per cent to N10.03 billion, over N8.7 billion in 2015 Q1. Loss from operations peaked at N3 billion, from N2.5 billion Q1 of 2015.