Academy Press full year pre-tax profit drops by 92%

by Editor

March 1, 2018 | 12:16 am
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Amid a record 4 percent growth in revenue which Academy Press Plc reported in the full year to June 30, 2017, the company still reported 70 percent decline in period in the review period. Revenue grew to N606.242million from N585.051million in the corresponding period of 2016.

The principal activity of the company is the printing of educational and general books, commercial printing of diaries, labels, calendars, periodicals, annual reports, confidential and other printing works.  Though distribution expenses at N12.367million against N7.516million weighed on the company’s earnings, it also recorded Foreign Exchange (FX) loss of N12.352million.

Academy Press recorded gross profit decline to N212.156million from N243.550million in 2016. Disappointingly the company’s profit before taxation (PBT) at N4.251million in the review financial year shows 92percent decline compared to N14.170million in same period of 2016. Finance expenses rose to N56.789million from a low of N50.215million in 2016.

The company was incorporated in Nigeria as a private limited liability company on July 28 1964. By a special resolution, it became a public limited liability company on October 22, 1991.

It offered its shares to the public in November 1994 and these shares were listed on the Nigerian Stock Exchange on June 15, 1995.

The consolidated financial statements of the Group for the year ended March 31, 2016 comprise the Company and its subsidiaries.   

by Editor

March 1, 2018 | 12:16 am
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