First Aluminium Nigeria Plc has recorded revenue of N7.767 billion for the financial year ended December 31, 2018. The amount represents a drop of N1.62 billion or 17.25 per cent compared with N9.287 billion reported in the corresponding period of last year.
The company audited result submitted to the Nigerian Stock Exchange showed that finance costs fell from N735.109 million in the preceding year to N213.233 million, finance income also went down to N252.0 million from N1.385 billion while net finance cost dropped from 733.724 million to N212.992 million, cost of sales dropped from N7.925 billion to N7.234 billion at the end December 2018.
Gross profit which stood at N1.461 billion in the previous year declined to N533.048 million.
The company profit before tax also depreciated from N521.710 million in 2017 to N116.269 million, the company paid income tax of N291.431 million from N311.780 million, leading to loss after tax of N175.162 million from profit after tax of N209.930 million reported in the preceding year.
Net assets down from N5.162 billion in the corresponding period to N4.997 billion at the end of December 2018, shareholders funds also went down to N4.997 billion from N5.162 billion in the 2017 financial year.
The non current assets rose from N6.462 billion in the comparative period to N11.917 billion , Current assets decreased to N2.725 billion from N3.421 billion in 2017 bringing total assets to N14.643 billion from N9.884 billion in the preceding year.
Also current liabilities grew to N4.815 billion as at December 2018 from N3.875 billion in corresponding period of last year, non current liabilities inched up to N4.830 billion from N846.522 million while total liabilities went to N9.645 billion from N4.721 billion.
