By Yakubu LAAH investadvocate

Oct 08 2010 05.00 GMT

Lagos (investadvocate)-Staco Insurance Plc (STACO) has recorded a loss of 20.14 percent (20.14%) in its year 2009 Audited result Released Thursday October 07 2010 at the Floors of the Nigerian Stock Exchange (NSE) in Lagos Nigeria. 

To record the Loss, the Insurance Company posted a Profit After Tax (PAT) of N433.164 million in its Audited Report for the period Ended December 31 2009 compared to N542.420 million in year 2008; indicating a Loss of -20.14% in the review period.

While it recorded a Profit Before Tax (PBT) of N538.406 million in year 2009 compared to N623.473 million in year 2008; representing a loss in PBT of -13.64%.

Turnover increased from N4, 375 million in year 2008 to N5,058 million in year 2009 showing an increase of 15.61% in the period under review.

Meanwhile, STACO late September 2010 after a Completion Board Meeting (CBM) offered to existing investors of the company whose names appeared in the Register of Members as at the close of business on March 31 2009 1.6 billion Rights issue.

 

This is on the basis of one Ordinary share for three Ordinary shares of 50 Kobo each at 50 Kobo per share.

 

A Statement from the Insurance firm, Dere Otubu, Chairman of STACO had affirmed the proceeds from the Rights offer would be used to invest in the company’s proposed new subsidiaries and enhance its operations.

 

Apart from these, it is expected that proceeds would be used to upgrade its Information Technology (IT) and upgrade/expand its existing branches.

In the same vein, Neimeth International Pharmaceuticals Plc (NEIMETH) operating in the Healthcare Sector of the NSE has reported N126.13 million loss in its Audited Report for the period ended March 31 2010.

The Healthcare Company in year 2009 recorded a PAT of N455.206 million compared to N126.13 million in the period under review.

Also the company reported N117.795 million PBT in year 2009 compared to N406.380 million in year 2010 indicating a loss of 71.0% in PBT in review period.

Turnover increased slightly by 1.2% when the Company recorded N1.890 million in year 2010 compared to N1.867 million in 2009.