• Sunday, July 14, 2024
businessday logo

BusinessDay

Cutix Q2 profit dips 36percent to N141.2m amid low sales

cutix

Cutix second-quarter result for the period ended 31 October revenue declined 12.4percent to N2.44bn from N2.78bn in the same period last year.

Profit before declined by 26.2percent to N294.5m, profit after tax declined by 36.9percent to N141.3m. Net Assets also grew by 5.6percent to N1.6bn from N1.5bn

From its Cables & Wire Sales, it earned revenue of 1.89bn as compared to N1.76bn same period last year, Metal

Product Sales increased to N5.19million while sales of armoured cables plunged to N534million from N1.02bn same period in 2018.

At the last annual general meeting shareholders of Cutix has approved the management’s plan to acquire Adswitch, a related electrical switchgear company that was delisted on the Nigerian Stock Exchange ( NSE) about 3 years ago.

Adswitch had delisted from the NSE due to what the directors of the company then broadly described as harsh operating environment. The company, which was listed as a second-tier stock in 1991, filed for voluntary delisting at the NSE

As part of efforts to increase its installed production capacity, Cutix recently invested about N300 million on a new extension of its factory.

Cutix, a Nnewi-based cable manufacturing company was established in 1982. The company manufactures and distributes various kinds of cables such as electrical wires, telecommunication wires, to automobile wires.