Evans Medical records N722.1m loss in Q3

EVANS Medical Plc has declared a 0.5 percent or N3.4 million increase in loss after tax at N722.1 million for the nine months period ending September 30th, 2015 from N718.7 billion in the same period in 2014. Loss before tax did not change as the company paid zero tax for the period, while revenue dipped by 0.24 percent to N2.2 billion from N2.8 billion in the nine months period of 2014. Moreover, the company reduced cost of sales to N1.2 billion from N1.6 billion as well as its distribution, administrative and other expenses by 0.16 percent to N1.4 billion from N1.7 billion incurred in the prior period. The Pharmaceuticals manufacturing company’s 2014 audited full year results also showed that revenue

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declined by N356.9 million or 9.7 percent to stand at N3.3 billion from N3.7 billion in the previous year, while loss before tax increased by N193.98 million or 19.4 percent to N1.2 billion from N1 billion in 2013. Whilst, the company reduced finance cost by 17 percent to N494.6 million from N596.1 million in 2013, Operating loss increased to N700.4 million from N404.9 million on account of increased Administrative expenses of N1.3 billion from N1 billion, and Marketing expenses of N900.7 million from N972 million incurred in the 12 months period ended December 31, 2013. The company filed its 2014 audited results and 2015 unaudited financial statements for the first, second and third quarter on the Nigerian Stock Exchange (NSE) official website, following the NSE’s Quotations Committee of the National
Council (QCN’s) approval to commence the delisting process of the company for failure to comply with the regulatory listing standards of the NSE. The NSE had earlier stated that its decision to delist companies was as a result of persistent failures of companies to meet best corporate governance practices, as indicated in the listing rules. Evans Medical was named by the NSE as one of the 11% of active listed companies yet to file their audited accounts for the year ended 31 December 2014, but as part of efforts to avoid delisting, Evans Medical Plc has since 4th July, filed its 2014 audited results, up till its 2015 third quarter (Q3) results. For failure to file audited reports timely, the NSE places sanctions range from penalties to regulatory delisting of the companies securities from the Daily Official List of The Exchange.

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