FTN Cocoa processor said it recorded a net loss of NGN286.0 million for the second quarter against NGN151.1 million in 2016.
The total revenue for the quarter was NGN18.5 million for second quarter 2017 compared to NGN662.9 million recorded same period in the financial year 2016.
The company’s loss before tax rose by 89% to NGN286 million in contrast to NGN151.1 million posted in the year before.
Total assets increased to GN5.0 billion compared to NGN5.2 billion recorded in the previous year while its total liabilities was NGN4.1 billion versus NGN4.0 billion.
FTN Cocoa Processors Plc is a Nigeria-based agro allied company. The Company is engaged in the processing of Cocoa Beans and Palm Kernel into Cocoa Cake, Liquor, Butter, Powder, Palm Kernel Oil and Palm Kernel cake. The Company exports cocoa cake, liquor and butter to local manufacturing companies. The Company markets cocoa powder, palm kernel oil and palm kernel cakes to local manufacturing companies.