FY 2018: RT Briscoe Nigeria reduces loss by N0.99billion

RT Briscoe Nigeria Plc has reduced its loss after tax by N0.99 billion, from N3.16 billion in 2017 to N2.17 billion in 2018.

The company’s revenue also grew from N3.88 billion to N4.59 billion within the same period. While its total asset rose from N7.03 billion to N7.10 billion, the total liability and equity also increased from N7.03 billion to N7.10 billion, within the period of review.

The Ag. Chairman, R.T Briscoe, Sir Sunny Nwosu, explained that the restructuring of the company’s business activities has had the desired impact of repositioning the group for
improved performance, which has been evident in the post year end results.

He said, “The improvements recorded have however been marginal as our sales and marketing activities have been hampered by our inability to finance imports and Local Purchase Orders for vehicles, technical equipment, and spare parts, due mainly to liquidity constraints. Our current business activities are predominantly financed by our customers. The current financial constraints notwithstanding, the potentialities of our various business activities are encouraging.”

Meanwhile, Briscoe Nigeria Plc had its shares trading at N0.29 during its last trading session on the floor of the Nigerian Stock Exchange (NSE).

Source: Nairametrics

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