Pharma Deko Plc has posted its third quarter results ended September 30th 2016 showing a 74 percent dip in profit before tax of N149.4 million recorded in September 2015 to a loss before tax of N110.3 million.
The results showed that revenue slid by 66 percent to N743.9 million from N1.1 billion in 2015, as cost of sale fell from N536 million to N393 million.
It however reduced distribution expenses to N136 million from N190 million, but loss after tax stood at N110 million as against a profit of N149 million in 2015.
The company’s statement of financial position showed that shareholders’ funds stood at N1.6 billion in September 2016; 11 percent lower than N1.8 billion recorded as at December 2015, while total assets dropped in September 2016 to N2.1 billion from N2.6 billion reported in December 2015.
The company said the fall in revenue was a result of non-availability of key products during the half year and the delay in the completion and overhauling of equipment and factory extension.
It noted that the marginal increase in cost of sales, resulted from high cost of operations and increase in exchange rate of the United States Dollar.
