The board of Vitafoam Plc, on Monday rekindled investor interests with a return to profit in the third quarter ended June 30, 2017, despite the increased finance cost and income tax charges for the period.
Revenue for the period rose to N14.762bn from N10.991bn, representing an increase of about N3.771bn or 34.3%; while cost of sales rose by N3.205bn or 43.19% from N7.419bn to N10.624bn, resulting in gross profit of N4.137bn, up from N3.572bn.
Other income rose from N83.382m to N104.179m; administrative expenses dropped slightly to N2.298bn, compared to the previous nine-month’s N2.433bn; just as distribution expense stood at N586.1m from N543.276m; while operating profit jumped to N1.257bn from N679.329m, an increase of about N578.493m or 85.15%.
Finance cost rose to N999.678m from N728.473m; profit before tax stood at N258.144m, as against a loss of N49.144m; while after tax profit for the period stood at N133.718m from the N159.029m loss, after an income tax provision of N124.426m, up from N109.885m. The net profit translated to earnings per share of 16.33 kobo, as against the previous loss of 19.42 kobo.