Premier Paints Cuts 2019 Half Year Loss to N14.3m
By Adedapo Adesanya
Premier Paints Plc has released its unaudited financial statements for the half year (H1) 2019 and from what was included in the results, the company closed its half year ended June 30, 2019 with a lower turnover compared with what was recorded by the paint manufacturing company in H1 2018.
Total revenue as at the end of June 30th was N74.7 million in contrast to N97.9 million actualized in H1 2018 as the company had lesser cost of sales, totaling N58 million from N70 million in the comparative period last year.
The company however recorded a loss of N14.3 million after tax, an improvement on a wider loss made in the previous half year of N36.2 million as the firm, which has its factory located in Ogun State, reported a gross profit of N16.4 million versus N27.6 million in the first six months of last year.
Premier Paints Plc in the period under review cut its selling and distribution expenses more than half to N5.7 million from last year’s H1 cost of 12.0 million, indicating a N7 million difference.
Following the same trend, the company had a lesser administrative expenses to cover from the periods in review as H1 2019 was N24.8 million against N33.5 million in the same period of 2018.
This then brought about an operating loss of N14.2 million in H1 2019 for the manufacturing company as against a higher loss of N17.8 million recorded in H1 2018.
According to the financial statements analysed by Business Post, the finance cost was significantly lower for Premier Paints as the company registered N300, 000 compared to N18.4 million in H1 2018.