FTN’s Profit Dips 25% In FY’2018
UMORU ABDULKADIR
A cocoa processing and agro-allied firm, FTN Cocoa Processors Plc on Monday reported a 25 percent drop in its full year accounts for 2018, recording N569.24 million loss from the N762.42 million reported in 2017.
According to its latest financial statements for the year ended December 31, 2018 which performance indicators reported negative outlook, its revenue, however, grew by 636 per cent from N81.824 million at FY2017 to N606.106 million at FY2018.
Its Loss Before Tax was N569.369 million at FY2018 compared to the N762.421 million recorded at the corresponding period of 2017, indicating a 25 per cent drop just like the Loss After-tax. This loss was largely driven by an overstuffed Cost of Sales figure, which recorded a negative growth from N332.786 million in 2017 to N885.860 million in 2018.
During the period under review, the company recorded a decline in Finance Cost which stood at N261.183 million in 2018 compared with the N377.922 million posted the year before.
Loss per Share fell to 26k from 35k, indicating that 26 per cent fall was recorded in the process.
FTN Cocoa Processors Plc traded on the floor of the NSE at N0.20 per share on Monday while Its Earnings per Share (EPS) was –N0.31.
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