Post Views: 659 Directors of printing and packaging materials’ maker, Studio Press Nigeria Plc, at the weekend presented its audited financials for th...
Directors of printing and packaging materials’ maker, Studio Press Nigeria Plc, at the weekend presented its audited financials for the year ended December 31, 2017, just in time to meet the regulatory 90-day deadline for submission to the Nigerian Stock Exchange (NSE). Among others, the result showed that the management succeeded in reining in on operating costs in the face of shrinking revenue, following which profit and earnings per share was better in the period under review.
While Studio Press revenue for the period fell by N242.347m to N9.496bn, as against the previous N10.254bn; cost of sales was constrained at N6.732bn, as against the previous N7.702bn; helped by the drop in raw materials an consumables from N6.013bn in 2016 to N4.92bn; a feat that could not be replicated in the aspect of depreciation, which rose to N442.644m from N370.406m; or repairs and maintenance of property, plant and equipment that stood at N417.894m from N376.966m; just as fuel and power cost grew to N242.568m from N217.772m.
Foreign exchange rate difference however dropped to N63.959m from N188.26m; just as insurance cost increased marginally from N29.96m to N31.536m.
Studio Press earned N137.029m from as other operating income from N122.283m, driven by the N75.886m from disposal of waste products, as against the previous N41.588m; just as N61.143m accrued from government grant on BoI (Bank of Industry) loan, down from N80.473m.
Administrative expenses rose to N772.852m from N697.078m, driven by administrative wages and salaries at N245.713m from N216.519m; while other administrative expenses increased from N143.546m to N183.556m; among others. Noteworthy was the provision for trade debtors that dropped to N4.919m from N27.467m within the period.
Selling and distribution expense for Studio Press rose to N68.615m from N63.271m, driven by the carriage outward expense of N55.592m from N50.62m; even as sales advertisement and promotion cost increased slightly from N12.651m to N13.023m.
At N1.492bn from N1.442bn in 2016, finance costs were driven by the N1.117bn interest on loan using effective interest rate that increased from N1.025bn, which included N207.654m, up from N150.839m, being moratorium and not paid during the year in line with agreements; just as interest on trade finance facilities, short term finance and bankers’ acceptance dropped from N417.697m to N322.448m. There was also interest on overdraft of N52.525m that did not exist in 2016.
Tax of N257.908m for the period, up from N213.827m, representing a 46% tax rate left profit before tax at N566.485m, as against the previous N470.447m; just as profit after tax rose to N308.577m from N256.62m, representing earnings per share of 52 kobo, as against prior year’s 43 kobo.