By Yakubu LAAH investadvocate

Oct 05 2010 15.12 GMT

 

 

Lagos (investadvocate)- Daar Communications Plc (Daar) has posted a N3.54 billion loss in its year 2009 Audited result released Tuesday October 05 2010 at the Floor of the Nigerian Stock Exchange (NSE) in Lagos Nigeria.

 

 

To post the loss, Daar recorded a Profit/Loss After Tax (P/LAT) of N381.487 million in year 2008 compared to N3.538 billion in Audited Year Ended December 31 2009; indicating a loss of 827.4 percent (-827.4%) in the review period.

 

Also, Profit Before Tax (PBT) dipped from N194.985 million in year 2008 to N3.280 billion in 2009; showing a dip of 1582.2%.

 

While Turnover appreciated slightly from N3.678 billion in year 2008 to N3.841 billion in the 2009 Audited Year End; representing a rise of 4.4%.

 

In the same vein, Nigeria Wire & Cable Plc (NIGWIRE’s) PAT dipped by 28.0% in 2009 Audited result. To post this result, the company recorded a PAT of N272.805 million in year 2008 compared to N349.072 million in 2009.The same figure was declared as PBT in the review period.

 

While Turnover was N1.018 billion in the Audited Year Ended December 31 2009 compared to N980.226 million in year 2008; indicating a growth of 3.84% in the period under review.

 

Only yesterday Monday October 04 2010, the NSE placed Daar and other 12 quoted companies on indefinite technical suspension for their failure to submit their full year report for year 2009 operations.

 

NSE’s Council in taking this action affirmed it was in pursuant of restoring the Nigerian Capital Market (NCM) investors’ confidence, which has been greatly eroded for sometime now by various infractions perpetrated by Market Operators and managements of quoted firms.