Austin Laz & Company reports N142.14m loss in 2020

By Kayode Tokede

Austin Laz & Company Plc has reported a  loss of N142.14million in audited full year results for period ended December 31, 2020 as against N84.22 million reported in prior full year ended December 31, 2019.

The results posted on the Nigerian Stock Exchange (NSE) on Thursday showed loss brought down of N280.33 million in 2020 as against N195.96 million reported in 2019.

The company in its results for 2020 reported nothing as revenue but reported N205.76 million in 2019.

Our correspondent gathered that the company did not sell any of its Aluminium and Ice Plant in 2020.

According to the company, “In respect of the financial performance of the company in recent years, no dividend is being recommended by the Directors.

“The Directors are making serious efforts to introduce capital funds into the company which will enhance financial capability of company.”

They explained further that, “The Company has been running into losses over the years. Board has decided to put operations on hold, make a complete overhaul of the entire system with a view to eliminating areas of possible lapses that hinder operational progress.

“The result of this action is strongly believed would bring the organisation into operational profitability.”

The company was incorporated as privately owned company in 1982 and was converted to a 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).

The company started as pioneer manufacturer of ICE machine. Because of growth opportunities in the company’s region, it diversified into other division which includes:

Thermoplastic Industry for the production of coolers and other plastic products (2002), Aluminium factory for the corrugation of long span Aluminium roofing sheets (2005). Manufacturing goods for both domestic and industrial use. Currently, about 1,079,860 shares are held by about 370 Nigerians.