Austin Laz said losses rose by 23% in Q2 2017

Austin Laz said losses rose by 23% in Q2 2017

Austin Laz & company plc in its financial report for the first quarter of the year 2017 is reporting 23%rise in losses to NGN27.2 million compared to NGN22.1 million recorded same period in the financial year 2016.

According to the balance sheet, the company ended the quarter with NGN68.5 million revenue in contrast to NGN60.3 million it ended the previous year with while gross profit was NGN14.9 million against NGN13.3 million loss posted in the year before.

Austin Laz & company said its total assets during the period stood at NGN1.7 billion against NGN1.7 billion recorded in 2017 while total liabilities was NGN1.5 billion versus NGN1.5 billion in the year before.

Company Information

Austin Laz & Co. Plc Limited is an an indigenous Refrigeration, Engineering, Contracting and Manufacturing firm. The company’s operations commenced with sales and services of refrigerators and air conditioners, but have since evolved into manufacturing concern, pioneering the fabrication of Ice Block Making Machine in Nigeria.

It was converted into a Public Company via a Special Resolution dated 22nd December, 2010 and listed in the Nigerian Stock Exchange on 29th February, 2012 via listing by introduction.