By Yakubu LAAH investadvocate

Nov 10 2010 07.00 GMT

Lagos (INVESTADVOCATE)- The Profit After Tax (PAT) of Cement Company of Northern Nigeria Plc (CCNN) operating in the Building Material Sector of the Nigerian Stock Exchange (NSE) has dipped by -60.55 percent (-60.55%) in the Third Quarter (Q3) Report for the period ended September 30 2010.

 

This was contained in the Result Announcement by the Company released Tuesday November 09 2010 on the Floor of the NSE in Lagos Nigeria.

 

CCNN PAT in the review period dropped from  N1.457 billion in Q3 of year 2009 to N574.836 million in the Q3 Report for the period ended September 30 2010; indicating a dip of -60.55%.

 

Also, Profit Before Tax (PBT) for the Q3 period of year 2010 dipped from N1.891 billion to N934.836 million in the same period of year 2009; representing a dip of 50.56%.

 

While Turnover also decreased from N8.910 billion in Q3 of year 2009 to N8.389 billion in the corresponding period of year 2010; showing a decrease in Turnover of -5.85%.

 

Also Multiverse Resources Plc (Multiverse) operating in the construction sector of the NSE recorded a dip in its PAT.

 

The company’s PAT for the Q3 Report for the period ended September 30 2010 dipped from N72.065 million to N58.329 million; indicating a decline of -19.06%.

 

PBT also decreased from N74.465 million in Q3 of year 2009 to N60.329 million in the same period of year 2010; representing a loss of -18.98%.

 

However, Turnover of Multiverse increased from N399.704 million in Q3 of year 2009 to N500.619 million in the same period of year 2010; showing an increase of 25.25% in the review period.

 

In the same vein, Insurance Operators, Goldlink Insurance Plc (Goldlink) for its Q3 period declared a PAT of N698.076 million in year 2010 compared to N678.163 million in the same period of year 2009; indicating a slight increase of 2.94%.

 

PBT of the Insurance Firm increased by 20.14% in the review period; when it posted N784.355 million in Q3 of year 2010 compared to N761.955 million.

 

While Gross Premium grew from N2.351 billion in Q3 of year 2009 to N2.924 billion in the same period of year 2010 showing an increase of 24.37%.