Lagos, Nigeria: “Corporates are taking a beating,” screams one analysts as more Nigerian companies release their earnings report which are showing red and anemic figures.
The latest on cue is Academy press plc which just posted a loss before tax of N139,160,000 for the second consecutive year ending December 2015.
The 51-year old company’s revenue also dropped year over year from N1, 589,292 to N1, 542,693,000 at the end of 2015. An unaudited statement of profit or loss and other comprehensive income for the period ended 31st December 2015 attributed 76.34 percent of the total loss, representing N106, 238,000 to owners of the parent company, while 23.66 percent, an equivalent of N32, 922,000 is attributed to non-controlling interests.
The company’s total liabilities also stand at N3, 138,955,000 a 4.71 percent increase from N2, 990,862,000 in the previous year.
The report also showed the company had less income from its customers,
which stood at N1, 298,874, a reduction of 16.35 percent year over year.
Despite the reduced earnings from customers, the company’s report shows it paid more to its suppliers than the previous year.
The company’s cash flow from investing activities was only recorded in one category, denoted as “Exceptional Item”.
Cash flow from financing activities had negative value attached to medium term loan repayment which cost the company N398, 781,000.
Academy PLC’s share capital at 31st December 2015 stood at N588, 992,000.
