CWG cuts its loss to NGN127.6 million in 2016

CWG cuts its loss to NGN127.6 million in 2016

CWG plc said it ended the financial year 2016 with NGN10.1 billion revenue against NGN15.6 billion recorded in the financial year 2015.

The impact of the economic slowdown affected its bottom line for a company in dire need of profit as a good new to its investors.

The company recorded NGN7. 6 billion loss as cost of sales in contrast to NGN13.1 billion loss recorded in the year 2015.

The company said its gross profit for the period remained the same at NGN2.4 billion as recorded in the year 2015.

CWG recorded NGN142. 0 million profit before taxation against NGN1.7 billion loss recorded in the year before.

After deducting its tax for the period, it’s profit for the year increased to NGN127.6 million loss compared to NGN1.7 billion loss recorded in the year 2015.

CWG plc said it acquired NGN14.7 billion with of assets against NGN10.5 billion acquired in 2015. Its total liabilities for the period was NGN11.5 billion in contrast to NGB7.4 billion recorded in the year 2015.

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