Academy Press late Q1 ’17 result disappoints as profit down 70%

Nigerian printer, Academy Press Plc, made a late release of its first-quarter 2017 financial statement on Tuesday for the period ended June 30, and it showed a 70 percent drop in profit after tax to N4.252 million.

Released to The Nigerian Stock Exchange in Lagos, the statement showed profit fell from N14.170 million in the same period for the previous year.

The company recorded a slight revenue increase of four percent but that only amounted to N21.191 million as it rose from N585.051 million in 2016 to N606.242 million in 2017 for the period under review.

It saw its cost of sale rise from 58.37 percent in 2016 to 65 percent of its revenue in the first quarter of both years respectively.

The company had total assets of N2.966 billion at the end of the first quarter of 2017, a lower figure when compared with N2.976 billion it recorded during the same period of 2016. Total liabilities dropped from N2.750 billion in 2016 to N2.736 billion at the end of Q1 2017.