By Peter OBIORA investadvocate

Oct 12 2010 01.00 GMT

Lagos (investadvocate)-LASACO Assurance (Plc LASACO) has increased its Profit After Tax(PAT) by 8.87 percent (8.87%) for the Audited Year Ended December 31 2009 released Monday October 11 2010 at the Floor of the Nigerian Stock Exchange (NSE) in Lagos Nigeria.

 

To record the increase, the Insurance Company recorded a PAT of N498.231 million in year 2009 compared to N457.601 million in year 2008.

 

While Profit before Tax and Extraordinary Item (PBT) also grew from N609.898 million in 2008 to N649.292 million in the period under review; indicating a growth of 6.45%.

 

Turnover was N3.302 billion in year 2009 compared to N2.334 billion in year 2008; showing a rise in Turnover of 41.47% in the review period.

 

In the same vein, LASACO has made a forecast PAT of N543.375 million and PBT of N856.880 million in its Quarter two (Q2) June 2010 results. While the company expects to hit a Turnover of N2.835 billion in the forecast period.

 

Also, National Salt Company of Nigeria Plc (NASCON) recorded a loss in its Unaudited Q1 result released Monday October 11 2010 at the Floor of the NSE.

 

To record the loss, the Salt Manufacturing Company’s PAT in the review period dropped from N763.213 million in the Q1 period of year 2009 to N540.988 million in same period of 2010; indicating a loss of -29.11%.

 

PBT of NASCON again declined from N1.125 billion in Q1 period of 2009 to N800.516 million in Q1 of 2010; representing a loss of 40.53% in the review period.

 

Turnover also dropped in the Q1 Unaudited result of the Salt Manufacturing firm, in the review period, the company recorded a Turnover of N4.069 billion in Q1 of 2010 compared to N4.276 billion of the same period in 2009; showing a drop of -4.84%.

 

On its part, Champion Breweries Plc (Champion) operating in the Breweries sector of the NSE; in its Unaudited Q1 March 2010 result recorded a N102 530 million PAT compared to N79.974 million in the same period of year 2009; indicating a loss of 28.20%.

 

While Turnover declined from N330 885 million in Q1 of 2009 compared to N300.992 million in the same period of year 2010; showing a decline of -9.03%.