Directors of household products maker- Vitafoam Nigeria Plc presented its audited result for the year ended September 30, 2016, showing that although revenue from sales fell by N3.284 billion or 19.48%, cost cutting efforts reduced net loss for the period by 55.49%.
According to the result presented to the Nigerian Stock Exchange (NSE), the first for the year, revenue for the period fell to N13.569 billion from 2015 restated figure of N16.853 billion; just as cost of sales dropped to N8.907 billion from N11.752 billion.
This left a gross profit of N4.661 billion, as against N5.1 billion; ‘other gains’ fell to N295.445 million from the previous year’s N779.268 million.
Administrative expenses also dropped slightly from N3.815 billion to N3.437 billion, resulting in operating profit of N888 million, as against the previous year’s restated N1.148 billion.
Finance income dropped to N68.257 million from N79.572 million; while finance costs stood at N895.059 million from N1.015 billion, resulting in profit before tax of N61.198 million, representing a decline of N151.899 million or 71.28% from the previous year’s revalued figure of N213.097 million.
Tax for the period also dropped from N285.078 million to N93.23 million, pushing loss after tax to N32.032 million from N71.981 million in the corresponding period of 2015, representing a 55.49 per cent improvement, out of which the directors have proposed a dividend of 12 kobo per share for approval by shareholders at the Annual General Meeting of March 2, 2017.
Meanwhile, closure of the company’s register is slated for February 13 to 17, payment is billed for March 9, 2017.