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FTN Cocoa Records N252.11m Loss In H1 2014

FTN Cocoa Processors Plc half year (H1) results show the company posting a loss after tax of N252.11 million as it continues to grapple with what could be described as insurmountable costs, analysis of the financial statement shows.

It would be recalled that the cocoa processing company has been recording recurring losses since December last year, a performance that calls for urgent reorganising and cost controls measures.

For the six months through June 2014, the company posted a loss after tax of N252.11 million, while sales surged by 111.44 percent to N159.73 million.

The reasons for the dwindling performance of the company at the bottomline level can be attributable to spiralling input costs, as cost-of-sales margins were as high as 187.31 percent, thus culminating in negative gross profit of N139.47 million.

Additionally, operating expenses were up by 27.55 percent to N116.09 million in HY 2014, as against N91.01 million as of HY 2013, while operating expense margin reduced to 72.97 percent in HY 2014, compared with N120.46 million the preceding year.

FTN Cocoa’s finance costs were down by 45.25 percent to N31.21 million in HY 2014, from N57.16 million the preceding year, while total borrowing increased by 6.70 percent to N2.24 billion.

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  1. RT @BizWatchNigeria: FTN Cocoa Records N252.11m Loss In H1 2014 – http://t.co/G9FngJ31X5 http://t.co/eQtDImDJTy

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