RT Briscoe Nigeria reports 6% increase in losses in nine months

Nigerian Enamelware

RT Briscoe Nigeria Plc is reporting 6% increase in losses to NGN1.7 billion for the nine months ended in 2017 compared to NGN1.6 billion reported in the same period in the financial year 2016.

The company said it ended the period with lower revenue of NGN3.6 billion in contrast to NGN8.4 billion recorded in the previous year while gross profit was lower at NGN1.0 billion against NGN1.2 billion in the year before.

The company’s impairment allowance lowered to NNG12.2 million from NGN27.1 million recorded in the fiscal year 2016 while operating profit stood at NGN30.2 million against NGN129.7 million loss in the year before.

RT Briscoe Nigeria Plc said its total assets was NGN7.2 billion compared to NGN8.9 billion acquired in the year 2016 while total liabilities remained at NGN11.8 billion against NGN11.8 billion in the year before.