Daar Communications posts 47% decline in revenue, earnings

Daar Communications Plc has recorded a net loss of N2.139 billion in 2016 as against a loss of N1.510 billion in year 2015.

According to a notice posted on the Nigerian Stock Exchange on Tuesday, the company’s total revenue for the year under review was N3.732 billion in contrast with N7.089 billion it recorded in 2015.

The company said the results represent a 47 percent decline in its revenue and earnings.

The company’s cost of sales for the period was N4.9 billion against N5.1 billion recorded in year 2015. Similarly, the company said its gross profit fell to N 1.2 billion in the period under review from N1.9 billion recorded in the fiscal year 2015, while its operating loss was put at N2.9 billion in contrast to N1.9 billion loss posted in the previous year.

The company also recorded N3.0 billion loss before tax expenses in 2016 compared to N1.4 billion loss recorded in 2015.

Other details showed that it acquired N18.1 billion total assets in 2016 as against N 19.3 billion recorded in 2015 while its total liability was put at N 6.8 billion as against N 5.9 billion recorded in the previous year.

Meanwhile, some investors have expressed disappointment in the current performance of the company and its stock value at the Nigerian Stock Exchange.