Directors of University Press, on Tuesday presented its unaudited result for the nine-month ended December 31, 2016, showing that despite a loss before and after tax in the third quarter (between October and December), the company still closed with an increase in nine-month profit, compared to the previous one.
Revenue for the nine-month period rose to N1.505bn, from N1.379bn, with October-December contributing N231.749m, slightly lower than the N238.832m recorded in the corresponding period of 2015.
Cost of sales was lower at N558.047m, from N616.849m, with the third-quarter significantly lower at N37.901m from N123.645m; following which gross profit stood at N947.339m as against N762.338m.
Other operating income slumped to N2.059m, as against the previous N7.747m; even as marketing and distribution expenses jumped to N314.698m from N286.487m; just as administrative expenses rose to N392.134m from N305.313m.
Profit from continuing operations rose to N242.566m from N178.285m; just as finace income increase to N15.615m from N11.574m; just as profit before tax climbed to N258.181m from N189.859m.
Profit after tax for the period could have been better than the N176.286m which translates to earnings per share of 40.86 kobo, as against the previous N132.69m or 30.76 kobo EPS, if not for the increase in tax expenses from N57.169m to N81.895m.