Abbey Building records 20.82% loss in Q3 of 2010


By Yakubu LAAH investadvocate

Aug 23, 2010 16:48 GMT


Lagos—Third listed Primary Mortgage Institution (PMI) Abbey Building Society Plc (Abbey) has recorded a 20. 82 percent (20.82%) loss in the Unaudited third Quarter (Q3) result of its year 2010 Financial Year.


This was contained in the Result announcement released August 23 2010 at the Floor of the Nigerian Stock Exchange (NSE) and made available to investadvocate in Lagos Nigeria.



In the Profit and Loss information, the Unaudited Q3 (July) 2010 result of the company showed that Profit After Tax (PAT) declined from N440.200 million in Q3 of year 2009 to N348.539 million in the review period of year 2010 indicating a loss of 20.82%.



While Profit Before Tax (PBT) also dropped from N503.353 million in year 2009 to N400.620 million in the review period of year 2010 showing a drop of 25.64 percent (25.64%).



Abbey recorded a Turnover of N1.164 billion in the Q3 of year 2010 compared to N1.126 billion recorded in the same period of year 2009 representing a slight increase of 3.37 percent (3.37%) in the period under review.


This is coming on the heels of earlier reports in February 2010 that Abbey Building secured a  $10 million convertible loan from an FMO, the Netherlands Development Corporation Company.


Rose Ada Okwechime, Managing Director/Chief Executive Officer (MD/CEO) of the company had affirmed that Abbey would use the loan in enhancing housing and mortgage facilities for Co-operative Societies with good track records, support Estate Developers and other Corporate Institutions in need of housing.


However, in October year 2009, Abbey  was reported also to have secured a facility loan of $5 million from Shelter Afrique of Nairobi, Kenya to enable it further strengthen its core business of mortgage lending and construction finance in Nigeria.



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