WorldStage Newsonline– Presco has published its first quarter (Q1) 2018 results which showed that sales declined by 8% to N6.6bn when compared with Q1 20i7.
In addition to the sales decline, gross margin contracted by -195bps to 77.9% while operating expenses and net finance charges increased by 17% and 135% respectively.
Consequently, profit before tax (PBT) declined by 32% to N3.4bn and owing to a slightly higher tax rate of 24% (versus 23% in Q1 2017), profit after tax (PAT) declined by a 33% (vs 32% for PBT) to N2.6bn.
This year, Presco shares have gained 2.9% and have underperformed the NSEASI which has gained 7.5%.
