Computer Warehouse Group Records N1.89billion Loss After Tax

Computer Warehouse Group, CWG, Plc, posted a loss after tax of N1.85 billion in December 2015 from a profit of N234 million in 2014.

The CWG 2015 audited financial statement showed that the company’s loss position was as a result of weak sales.

A further breakdown of CWG’s financial statement shows administrative expenses of N4.41 billion swallowed the whole of N2.44 billion gross profit.

Theses loses means the company has to carry out urgent restructuring and market penetration strategies in order to deepen sales and revert to the path of growth.

Turnover increased by 2 per cent to close at 15.6 billion in 2015 against 15.4 billion recorded in 2014.

The company in a press release, yesterday said, exchange rate losses to the tune of 600 million was recognized arising from the fluctuations in the exchange rate, the decline in USD availability and the dearth of hedging options.