RT Briscoe increases losses by 10 percent in Q3
Consolidated nine months financial statements for R.T Briscoe Nigeria Plc has shown that losses for the period has grown by 10 percent to N1.7 billion from N1.6 billion recorded in the corresponding period of previous year.
The financial statements also showed that revenue for the period ended 30th September 2016, dropped by 13 percent to N8.3 billion from N9.6 billion in 2015.
With no tax expense incurred by the company in the reviewed period, a 10 percent increase in pretax losses of N1.7 billion was recorded same as the post tax losses.
Finance costs reduced to N1.5 billion from N1.8 billion while, earnings per share fell to 1147 kobo from -133 kobo
Other highlights from RT Briscoe’s Balance sheet shows that, total assets of N10.3 billion declined 26.3 percent from N13.4 billion reported in December 2015.
The company also recorded a significant dip in shareholders fund which stands at -N1.8 billion from -N40.7 million recorded at the end of 2015 full year.
R.T. Briscoe (Nig) PLC is a Nigeria-based company engaged in the in the sale, distribution and service of Toyota and Ford motor vehicles and forklifts.
The Company’s products consist of automobiles, power equipment, industrial equipment and briscoe properties. Automobile products include Sedan, SUV and Toyota buses. Power equipment consists of JCB generators and industrial equipment includes industrial and portable air compressor and accessories, Toyota forklifts, BT Pallet trucks and lighting towers.
