Following an increased cost of sales, RT Briscoe Plc has reported a loss before tax of N2.17 billion in its consolidated and separate statements of financial position for the year ended December 31, 2018.
The company in 2017 financial results posted a loss before tax of N3.14billion on the Nigerian Stock Exchange (NSE).
With an income tax expense of 14.8 per cent from N23.4 million in 2017 to N19.9 million reported in full year of 2018, the group recorded a loss after tax of 30.7 per cent to N2.19 billion in 2018 from a loss after tax of N3.16 billion recorded in the erstwhile 12 months of 2017.
Our correspondent gathered that the company’s recorded N3.7 billion cost of sales in 2018 as against N3.4 billion reported in 2017, key factor that contributed to weak profits for the second consecutive year performance.
However, RT Briscoe’s revenue increased by 18.4 per cent from N4.38 billion posted in 2017 as against N5.18 billion recorded for the year ended December 31, 2018.
Gross profit also leapt high to N1.46 billion in 2018 from N971 million in 2017, representing an increase of 50 per cent.
From balance sheet position, RT Briscoe’s total asset increased from N7.61 billion in 2017 to N7.72 billion in the 12 months of 2018, an up of 1.5 per cent.
The company total equity reported a loss of 35.6 per cent to N8.19 billion in 2018 from N6.04 billion posted in 2017.