Austin Laz & Co suspends production pending resolution of challenges


Austin Laz & Co Plc, a pioneer manufacturer of ICE machine which diversified into thermoplastic industry for the production of coolers and other plastic products, Aluminium factory for the production of corrugated long span roofing sheets has released its interim statement for third quarter (3Q) ended September 30, 2020 with zero turnover when compared with N205.757 million recorded for the year ended December 31, 2019 and loss after tax of N84.368 million.

The report confirmed that Austin Laz & Company Plc is currently undergoing operational challenges. Consequently, all production activities are in suspension pending the resolution of the challenges.

The company did not mention its challenges in the interim report for Q3 2020.

The company was incorporated as privately owned company in 1982 and was converted to public company in 2011 quoted on the stock exchange in 2012. The company is domiciled in Nigeria and its shares are listed on the Nigeria Stock Exchange (NSE).