Vitafoam reports N159 million loss in nine months

Vitafoam Nigeria Plc has announced a huge loss of N159.029 million for the period of nine month ended 30 June 2016.

The company’s in its nine months unaudited financial statement made available to the Nigerian Stock Exchange in Lagos shows that it recorded loss after tax of N159.029 million, represented 147.42 per cent dropped when compared with profit after tax of N335.329 million it made during the same period of 2015.

The company’s also recorded a shortfall in it’s before tax, as it stood at -N49.144 million as against N521.944 of 2015.

Its revenue fell by N2.850 billion or 20.59 per cent in nine months 2016 from N13.842 billion to N10.992 billion.

Vitafoam spent 67.50 per cent of its revenue on cost of sales in 2016, little drop from 68.01 per cent of revenue spent on the same purpose during same period of 2015.

Its operating profit dropped drastically by 36.89 per cent or N397.019 million from N1.076 billion of 2015 to stand at N679.329 million at the end of nine month 2016.