John Holt Plc has announced a loss of N254 million for the full year ended September 30, 2015 as against N591 million reported in prior year results
Also from the current financial statement posted on Nigerian Stock Exchange (NSE), the group incurred a loss before of N171 million in 2015 from N266 billion in 2014.
Details of the audited results of John Holt showed that the group and its subsidiaries posted revenue of N2.4 billion in 2015, nearly 14 per cent below N2.8 billion reported in the corresponding period of 2014.
While the John Holt reduced its cost of sales from N1.8billion in 2015 to N1.77 billion, gross profit dropped by 32.3 per cent to N655 million as against N967 million reported in 2014.
BDO Professional Services, the company’s independent auditor has raised concerns that there was a material uncertainty about the company’s ability to continue as a going concern
BDO Professional explained that, “Without qualifying our opinion, we wish to draw your attention to the finical statement which indicates that the Group incurred a loss before taxation of N171 million and as at that date its current liabilities exceeded its current assets by N4.2 billion N4.4 billion in 2014 and had a negative shareholders’ funds of N3.6 billion in 2015 as against N3.3 billion in 2014.”
“As at the same date, the Group’s current liabilities exceeded its current assets by N1.2 billion from N1.6 billion 2014.
“However, the Group had positive shareholders’ funds of N3.2 billion from N3.3 billion in 2014.
“These conditions indicate the existence of a material uncertainty which may cast significant doubt about the company’s ability to continue as a going concern,” the auditors said.
John Holt has been an important participant in many areas of the Nigerian economy, having operations and interests in engineering, leasing, marine, properties and construction.
Its engineering unit specializes in the sales, installation and maintenance of high capacity diesel generators apart from supplying generators for boats.