Vitafoam cuts its loss to NGN4.9 million in Q1


Vitafoam Nigeria PLC seems to be cutting down its losses. For the first quarter of the year, full year loss was NGN4.9 million compared to NGN23.3 million loss recorded in 2016.

Total revenue came in at NGN5.1 billion revenue for the first quarter compared to NGN3.5 billion posted same period 2016. Its costs of sales for the period was NGN3.7 billion as nothing was recorded for 2016.

The company recorded NGN1.4 billion gross profit in the period under review against NGN1.2 billion recorded in the year 2016. While its operating profit grew to NGN424.0 million against NGN117.0 million recorded in 2016.

Vitafoam said it recorded NGN141.0 million profit before taxation in 2017 against NGN126.7 million loss recorded in 2016.

Vitafoam Nigeria plc said it acquired NGN12.3 billion assets against NGN13,3 billion acquired in the year 2016 while its total liabilities for the period was NGN8.8 billion against NGN 9.8 billion recorded in 2016.

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