Multiverse Mining records NGN175 million loss for Q1

Anglo AMerican

Multiverse mining and exploration plc ended the first quarter 2017 with NGN2.4 million revenue compared to NGN3.8 million recorded same period 2016.

Its costs of sales for the period was NGN2.1 million against NGN3.3 million recorded in the previous year.

The company reported that its gross profit for the period increased to NGN289 thousand in contrast toNGN 547 thousand recorded in 2016. Its operating loss for the period NGN22.2 million in contrast to NGN13.6 million loss recorded in the fiscal year 2016.

According to the report, Multiverse Mining recorded NGN174.6 million loss before tax in the period under review against NGN113.8 million recorded in 2016.

The company has no record of tax expenses for the period, therefore leaving its loss for the year at 53% NGN174.6 million against NGN113.8 million recorded in 2016.

The company has no record of tax expenses for the period, therefore leaving its loss for the year at NGN174.6 million against NGN113.8 million loss recorded in 2016.

Total assets remained at NGN4.5 billion as it were in the previous year while its total liabilities was NGN4.1 billion against NGN3.9 billion recorded in 2016.

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Company Information

Multiverse Mining and Exploration Plc was incorporated on 20th June, 2002.The company was listed on the Nigerian Stock Exchange on 8th October, 2008. It has over 5,000 shareholders with shareholders funds in excess of NGN3.5 billion.

The company specializes in solid minerals with focus on mining of Zinc Ore, Copper Ore, Gold Ore, Lead Ore, Tantalite Ore, Tin Ore and Barite Ore.

In year 2005, the company commenced granite quarrying operation in its first site at Oloparun, Obafemi Village, Ogun State with installed capacity of 600,000 tons per annum which was upgraded by the addition of another production line, in 2007, with production capacity of 400,000 tons per annum making the site installed capacity to 1 million tons per annum.

Since 2008, the company has been actively involved in its core areas of businesses developing and deepening its operations.

It now has an installed capacity of one million tons of granite production in three locations across the country.

The company is currently developing its Zinc and Lead mine site at Abuni in Awe Local Government Area of Nasarawa State.