Austin Laz exit losses with a marginal NGN0.8 million profit

Union Diagnostics

Austin Laz & company plc in its financial report for the nine months ended in 2017 reported NGN808 thousand profit compared to NGN47.1 million loss recorded same period in the financial year 2016.

According to the balance sheet, the company ended the period with NGN215. 4 million revenue in contrast to NGN127.4 million recorded in the previous year while gross profit was NGN70.9 million against NGN12.3 million gross loss in 2016.

Austin Laz & company said its total assets recorded in the nine months was NGN1.7 billion compared to NGN1.7 billion posted in the year before while total liabilities was NGN1.5 billion versus NGN1.5 billion in 2016.

Company Information

Austin Laz & Co. Plc Limited is an an indigenous Refrigeration, Engineering, Contracting and Manufacturing firm. The company’s operations commenced with sales and services of refrigerators and air conditioners, but have since evolved into manufacturing concern, pioneering the fabrication of Ice Block Making Machine in Nigeria.

It was converted into a Public Company via a Special Resolution dated 22nd December, 2010 and listed in the Nigerian Stock Exchange on 29th February, 2012 via listing by introduction.