R.T BRISCOE’s closes Q1 2017 with N481, 156million loss

R.T BRISCOE Nigeria Plc sustained its losing streak in the first quarter 2017, as key performing indices sustained depressive note.

The company’s result released by the Nigerian Stock Exchange (NSE), for the period ended 30 March 2017 showed that Loss before minimum tax in Q1 2017 stood at N481.156 million, against N582.354 million recorded in 2016 first quarter.

Hence no tax was paid during the period, loss before income tax was N481, 156 million, from N582, 354 million in Q1 2016, reflecting loss recorded by the company for the same period in Q1 2017 and Q1 2016. Basic & Diluted Earnings per share declined to 41 kobo in Q1 2017, from 50kobo in 2016 Q1.

The company’s result for the period also showed that revenue dropped to N1, 229,025 billion, from N3, 214, 869 billion recorded in the corresponding period of 2016.

Cost of sales dropped to N714, 030 million, from N2, 725,963 billion in 2015 first quarter.

Gross profit increased marginally to N514, 995million, against N488, 906 million in 2015 first quarter, other income stood at N4, 223 billion, from N7, 087 billion in Q1 2016.

Selling and distribution expenses dropped to N147,535, from N187,436 million in Q1 2015, while administrative expenses dropped to N297,559 million, from N306,655 million in first quarter 2016.

Results from operating activities for the period stood at N73, 967 million, from N68, 604 million in 2015. Finance income dropped to N4, 483 billion, from N6, 304billion in the corresponding period of 2016.

Finance costs in Q1 2017 was N559, 606 million from N520,054 posted in 2016, while Net finance costs stood at N555,124 million, from N513,750 million in 2016 Q1.