FTN Cocoa said losses rose by 59% loss in nine months

FTN cocoa

FTN Cocoa Processor plc is reporting 59% loss to NGN419.7 million for the nine months ended in 2017 compared to NGN263.3 million loss recorded same period in the financial year 2016.

The cocoa company ended the period with NGN22.6 million revenue which is 97% lower to NGN842.1 million in the previous year while the gross loss was NGN208.5 million against NGN30.2 million in the year before.

Operating loss for the period was NGN413.0 million in contrast to NGN24.3 million loss recorded in the fiscal year 2016 while net finance cost was NGN105.6 million versus NGN238.9 million in the year before.

FTN Cocoa processor said its total assets was NGN5.o billion compared to NGN 5.2 billion recorded in the year 2016 while total liabilities was NGN4.2 billion versus NGN4.0 billion in 2016.