Morrison Industries plc is reporting a net loss of NGN60.6 million for second quarter 2017 compared to NGN21.2 million loss same period 2016.
Revenue for the quarter fell to NGN55.3 million revenue in contrast to NGN79.0 million in the previous year and costs of sales decreased to NGN27.4 million from NGN40.8 million in the year 2016.
Gross profit fell to NGN27.8 million from NGN38.2 million in the fiscal year 2016 while operating loss increased to NGN35.8 million from NGN18.6 million in the year before.
Total assets at the end of the quarter was NGN553.6 million total assets in the period under review against NGN412.8 million in the year before while total liabilities was increased to NGN470.8 million against NGN269.4 million in 2016.
Morison Industries Plc will manufacture and distribute excellent quality hygiene and health care products that will be made available to our valued customers promptly and regularly. These will meet their requirements, surpass their expectation and give value for money. Our business will be focused towards the delivery of the above products which aim to increase growth, reduce risk and simplify the operating model.