Smart Products Q3 2016 result sustains depressive trend
…As other operating expenses plunged by 55%
As Smart Products Plc works towards releasing its outstanding 2016 audited financial statements and first quarter (Q1) 2017 results, the recently released third quarter 2016 financial result showed depressed profit and loss lines.
The company’s third quarter result released by the Nigerian Stock Exchange (NSE) showed inclined revenue, other income with remarkable decline in other operating expenses, though Profit for the period after tax dropped marginally by N1.45 billion to N15.20 billion from N16.66 billion posted in 2015.
The result showed that Smart products Nigeria statement of financial position as at 3oth September, 2016 revealed a revenue of N33.21 billion from N45.19 billion revenue recorded 31 December 2015.
Other income which closed 2015 financial year at N7.67 billion, ended 2016 Q3 lower at N3.77 billion, indicating about 50 per cent decline.
The company’s total revenue dropped by about 68 per cent to N36.98 billion, against N52.86 billion in 2015 financial year.
Personnel expenses in Q3 dropped marginally to N5.51billion, from N5.97 billion in 2015 financial year.
Other operating expenses of Smart Products Plc in the nine months accounting period of 2016 closed lower at N16.27 billion, from N23.82 billion posted in year 2015.
Profit before tax drooped to N15.20 billion from N23.06 billion in 2015 financial year, while there was no income tax expenses in the quarter, the company recorded N8.32 billion income tax expenses in 2015 financial year.
Deferred tax expenses in 2015 stood at N1.92 billion, as the company’s Profit for the period after tax dropped marginally by N1.45 billion to N15.20 billion from N16.66 billion posted in 2015.
Smart Product Nigeria Plc, formerly Associated Press Limited was incorporated on 11 January, 1966 as a limited liability company and commenced business as a legal entity immediately.
It was converted to a public limited liability company in 1991. The principal activity of the company is the management and administration of the company’s properties and investments from where it derives income.
