Studio Press records FY13 loss before tax of N15.58m

Studio Press Nigeria plc has released its full year results that showed revenue drop by 9.72 percent year-on-year (yoy) to N4.92 billion from N5.45 billion as of the end of December 2013.

At the bottom-line level, the company’s performance dwindled as it posted a loss before tax of N15.58 million in FY 13, against the profit position of 28.09 million as of FY12.

The company also posted a loss after tax of N47.48 million in FY13, compared with a N2.49 million profit it recorded in 2012. Cost of sales margin, in the review period, remained flat at 79 percent, while gross margin also remained flat at 20 percent

The high input margin caused gross profits to decline by 7.81 percent to N1.02 billion as against N1.11 billion as of FY12.

Operating expenses for the year ended December 2013, reduced slightly by 3.69 percent yoy to N367.48 million from N381.29 million as of December 2012.

Studio Press total assets were up 24.9 percent for the year ended December 2013, compared with N7.45 billion as of FY 12. Property plant and equipment in the review increased 6.40 percent to N3.80 billion compared with N4.06 billion as of FY12 due to possible disposal of assets.

Share performance and outlook

The share price of Studio Press closed at N1.42 on May 30, 2014, on the floor of the Nigerian Stock Exchange. The company had a market capitalisation of N1.42 billion on the same day.

BALA AUGIE