DAAR Communications Plc, has sustained loss after tax in its 2015 financial year audited result.
As development and the settlement of the company’s contingent liabilities continued to impair profit and dividends for shareholders of the group, income growth in 2015 financial year though meager could not however cushion the impact of negative retained earnings.
The company may tend to be emerging stronger from an era of negative earnings to growth in earnings with the release of its 2015 audited financial results which reflects hope for its numerous shareholders and expectations of investors.
The company’s results released to the Nigerians Stock Exchange (NSE), and published by the exchange on Monday showed that irrespective of harsh operating environment, revenue grew by 2 per Cent in 2015, to N7, 089,393 billion from N6, 973,359, as losses decline.
Loss before taxation grew by 34.5 per cent to N1,047,936 from N428,363, while loss after taxation buoyed by 1,316 per cent to N1,515,112 against N107,014 in the preceding year.
Non-Current Assets declined to N14, 225,898, against N16, 898,032 posted in the preceding year, accounting for 1. 6 per cent drop. Current Assets declined by 1.4 per cent to N2,818,463, from N3,487,458 in 2014 financial year.
The company’s Current Liabilities dropped to N5, 546,913, from N8, 475,345 in the preceding year, representing 3.2 per cent change. Issued share capital remained 4,000,000 as in the preceding year, with share premium of 13,411,541 also as in 2014.
The result showed that Total Equity and Liabilities of the company dropped to N17,044,361 from N20,385,490 in 2014, accounting for 1 5 per cent, while basic and diluted Loss Per Share weakened to 1.9kobo from 1 kobo , representing 18 per cent decline.
Non-Current Assets weakened to N14, 225,898 from N16, 898,032, a 16 per cent. Current Assets also dropped by 14 per cent to N2,818,463 , against N3,487,458 in 2014,while current liabilities closed the period at N5,546,913 , from N8,475,345 in preceding year. Shareholders’ Fund recorded 3 per cent drop to N11, 497,448 from N11, 910,145.
Daar Communications was sanctioned by the NSE with a penalty amounting to N13.5 million for default in filing its December 2013, 2014 results and first quarter 2015 results.
The company featured in the x-compliance report of the exchange for default in filling of audited and periodic results to the Exchange.