By Peter OBIORA investadvocate

July 27, 2010 16:00 GMT

 

Champion Breweries Plc, operating in the Breweries sector of the Nigerian Stock Exchange has reported a Loss of N1.015 billion in its Profit/Loss After Tax (P/LAT) for the period ended December 31 2009.

 

The result released July 27 2010 at Floor of the Nigerian Stock Exchange (NSE) and made available to investadvocate shows the Brewing Company reported a -219.27 percent (-219.27%) Loss. The Loss increased from N851.03 million in year 2008 to N1.015 billion in the review period.

 

While Profit After Tax (PAT) declined to 19.27 percent (19.27%) from negative N851.03 million in year 2008 to N1.015 billion in year 2009.

 

Gross Earning also dropped from N1.495 billion in year 2008 to N1.226 billion in year 2009 Financial Year End (FYE) showing a 17.99 percent (-17.99) drop in the review period.

 

However, Champion Breweries External Auditors Agbo & Co. while expressing their view on the company’s year 2009 results, affirmed that for the Brewing firm to still be in business, it requires the injection of fresh Capital.

 

They further affirmed that the Board of Directors (BOD) of the company has revisited the issue of increasing the company’s paid up share capital which was earlier suspended.