AG Leventis (Nigeria) Plc posted a loss after tax of N574.360 million for the nine months ended September 30, 2018 as against a loss after tax of N1.065 billion reported in 2017.
According to a report from the Nigerian Stock Exchange (NSE), the group also reported pre-tax loss of N844.647 million during the period under review as against pre-tax loss of N1.566 billion recorded in 2017.
Revenue stood at N8.210 billion in 2018 as against N9.371 billion reported a year earlier, accounting for a drop of 12.38 per cent.
Cost of sales was N6.274 billion from N7.393 billion, while administrative expenses stood at N1.844 billion as against N2.184 billion in 2017.
The group began first quarter 2018 with a loss after tax of N311.120 million from a loss of 139.098 million in 2017.
Loss before tax stood at N457.530 million against pre-tax loss of N204.556 million a year earlier. Revenue dropped by 3.70 per cent to N3.226 billion from N3.350 billion in 2017.
Cost of sales decreased marginally by 1.92 per cent from N2.598 billion in 2017 to N2.548 billion in 2018. Administrative expenses grew by 38.06 per cent to N677.940 million from N491.018 reported in 2017.
The group reported a loss after tax of N545.904 million for the half-year ended June 30, 2018 as against loss of N448.757 million posted in 2017.
Its loss before tax stood at N802.800 million from a loss of N726.600 million posted in 2017.
However, revenue grew marginally by 5.6 per cent from N6.551 billion to N6.918 billion. Cost of sales equally inched up by 2.39 per cent to N5.423 billion from N5.296 billion last year. Administrative expenses stood at N1.287 billion in 2018 from N1.26O billion in 2017.
Chairman, AG Leventis, Ahmed Kazalma Mantey, speaking at the group’s 59th Annual General Meeting (AGM) said: “The effect of the recession in our economy continued to impact adversely on our operations as there was a reduction in credit opportunities, which in turn affected our income.
“This harsh environment along with the continued lag in infrastructure especially power and road network added to our cost of doing business. Nevertheless, we strove to ensure that we continued to develop our business as much as possible”, he added.