Interlinked Technologies plc in its financial report for the second quarter of the year recorded 926% decrease in profit.
The total loss for the period was NGN9.2 million compared to NGN1.0 million profit recorded same period in the financial year 2016.
The company ended the period with 16% fall in revenue to NGN175.3 million in contrast to NGN209.0 million posted in the year before. Gross profit for the period was NGN36.4 million against NGN48.2 million recorded in the year before.
The company’s total assets for the period was NGN500.6 million compared to NGN462.4 million posted in the year 2016 while total liabilities was NGN237.3 million versus NGN190.0 million in the previous year.
Interlinked Technologies Plc was incorporated in 1981 as Raychem Nigeria Limited, exclusively devoted to the distribution of the then novel Heat Shrink Technology pioneered by Raychem Corporation of Menlo Park, California, USA. Its major market was in electrical power distribution, telecommunications outside plant and industrial process temperature maintenance. Interlinked Technologies Plc, as the company is now known, is a publicly quoted company on the Nigeria Stock Exchange since 1993.