Multiverse sustains loss position in Q3 2017
Multiverse Mining and Exploration Plc may have given signal of what investors should expect in the 2017 financial year result, with a not so impressive third quarter result released recently.
The company’s result for the period ended 30th September, 2017 released by the Nigerian Stock Exchange (NSE), showed weaker than expected result, even as all performance measuring indices dropped.
Multiverse specializes in solid minerals with focus on mining of Zinc, Copper, Gold, Lead, Tantalite, Tin and Barite Ores.
Daily Times Nigeria recalls that Multiverse Nigeria plc in 2016’s audited financial statement posted gross Loss N35, 221 from N11, 858 in the corresponding period of 2015.
The Q3 result of Multiverse showed that revenue dropped to N4356 from N6374 in the same period of 2016.
Cost of sales dropped to N3, 669 from N5, 204 posted in Q3 2016, gross profit dropped to N687 from N1, 170 in same period 2016.
The result released by the NSE showed that Gross profit for the period closed at N687 from N1, 170 in Q3 2016. Other income closed lower at N15, 853 from N31, 000 in same period 2016, Administrative/operating expenses increased to N49, 847 from N 43,363 in Q3 2016, with depreciation charges dropping to N 42,842 from N44, 746 in similar period of 2016.
The result further showed that Operating loss closed higher at N76,154, while in Q3 2016, it stood at N 55,939
Daily Times recalls that In 2013, the company signed a signed a joint venture mining agreement with a Chinese firm, Unicontinental Engineering Company Plc, with a view to entering into joint quarry productions across the country.
the company maintained that its philosophy reflects a deep rooted belief that value is created through focusing on a few uncompromising fundamentals namely, which include, solid management, operational excellence, optimized capital structures and sound long term strategic and business objectives.
However, the impact of its long standing philosophy, stakeholders maintained has not reflected on its performance and returns on shareholders’ funds.
L-R: WHO Country Representative, Dr Wondimagegnehu Alemu; representative of the Minister of Health, Mr. Clement Uwaifo and Director, Family Health, Federal Ministry of Health, Dr Adebimpe Adebiyi, during the Rapid Access Expansion (RAcE) programme’s Multi-Country Results Dissemination meeting in Abuja… on Tuesday
Stories by Bonny Amadi
