Premier paints posts NGN69.5 million loss for nine months

Nigerian Enamelware

Premier Paints plc is reporting 316% increase in loss to NGN69.5 million loss for the nine months ended in the year 2017 compared to NGN16.7 million loss recorded same period in the financial year 2016.

The paint company said it had a total turn over of NGN125.5  million in contrast to NGN234.9 million recorded in the year before while gross profit was NGN24.5 million against NGN82.3 million in the year 2016.

The company recorded operating loss of NGN45.3 million against NGN920 thousand profit posted in the fiscal year 2016 while finance cost stood at NGN24.0 million against NGN17.4 million in last year.

Premier Paints plc said its total assets for the period was NGN287.5 million compared to NGN320.0 million recorded in the year 2016 while total liabilities was NGN364.6 million versus NGN327.7 million last year.