By Yakubu LAAH investadvocate

Oct 04 2010 16.48 GMT

 

Lagos (investadvocate)-Sovereign Trust Insurance Plc (SOVRENINS)  and Mtech Communications Plc (MTech) has declared losses in their Audited Report for the periods ended December 31 2009.

 

This was made available to investadvocate today Monday October 04 2010 at the Floor of the Nigerian Stock Exchange (NSE) in Lagos Nigeria.

 

On the part of SOVRENINS recorded a 98.8 percent (98.8%) loss in its year 2009 year ended.

 

The Insurance Company in the review period recorded the loss when its Profit/Loss After Tax (P/LAT) decreased from N360.795 million in year 2008 to N4.196 million in year 2009; indicating a loss of -98.8%.

 

In the same vein, Proft Before Tax (PBT) also declined from N415.657 million in year 2008 compared to N13.063 million in year 2009 showing a decline of 96.9 percent (96.9%) in the review period.

 

However, Turnover of the Insurance Company rose slightly from N3.811 million in year 2008 to N4.440 million in the Audited Report for the period ended December 31 2009; representing a rise of 16.5 percent (16.5%).

 

SOVRENINS did not declare any dividend to investors of the company in the Result Announcement nor give any date for its Annual General Meeting (AGM).

 

Also MTech operating in the Information and Communication Technology (ICT) sector of the NSE declared a  N127.95 million loss in 2009 Audited result.

 

To post the loss, Mtech recorded a P/LAT of N127.945 million in the review period compared to N156.942 million in year 2008 indicating a loss of 18.5%.

 

PBT dipped by 11.4% when Mtech posted N123.427 million in year 2009 compared to N139.285 million in year 2008.

 

While Turnover rose from N208.182 million in year 2008 to N240.380 million in year 2009 showing a rise of 15.5% in the period under review.

 

Union Diagnostic & Clinical Services Plc (UNIONDAC) dipped profit by 70.2% in 2009 Audited result.

 

 

The company recorded a loss of 70.2% in the review period when it posted a P/LAT of N370.089 million in year 2008 compared to N110.353 million in year 2009.

 

 

PBT of UNIONDAC also dipped from N709.889 million in 2008 to N188.747 million in year 2009 Audited result; showing a decline of 73.4% in the review period.