By InvestAdvocate

Lagos (INVESTADVOCATE)-Dangote Sugar Plc, has recorded a Loss of -64.9 percent (-64.9%) in its Unaudited First Quarter (Q1) Result ending March 2011.

This was contained in the Result Announcement for the review period of the Sugar Refinery made available to the Nigerian Stock Exchange (NSE) Thursday in Lagos Nigeria.

To record the Losses, the Firm’s Profit After Tax (PAT) in the period under review declined from N3.971 billion in Q1 of 2010 compared with N1.393 billion in Q1 of 2011; indicating a Loss of -64.9%.

Also, Profit Before Tax (PBT) was N5.839 billion in Q1 of 2010 compared with N2.049 billion in the Unaudited First Quarter (Q1) Result ending March 2011; showing a loss of -64.9% in the review period.

While Turnover decreased from N22.787 billion in Q1 of 2010 compared with N21.540 billion in the same period of 2011; showing a decrease of -5.5%.

In the same vein the Firm also reported losses in its Unaudited Q2 (June) 2011. PAT in Q2 of 2010 was N5.733 billion compared with N2.998 billion in the same period of 2011; representing a loss of -47.7%.

PBT also declined from N7.644 billion in Q2 of 2010 compared to N4.410 billion in Q2 of 2011; indicating a decline of -42.3% in the review period.

While Turnover increased slightly from N45.258 billion in Q2 of 2010 compared with N48.597 billion in the review period; showing a slight increase in Turnover of 7.4%.

As earlier reported, Dangote Sugar in its Audited Year Ended December 31 2010 recorded a loss in PAT of -14.43%, PAT declined from N13.185 billion in year 2009 to N11.282 billion in the review period.

While PBT also dipped from N19.568 billion in year 2009 compared to N16.147 billion in year 2010, representing a dip of -17.56%.

However, Turnover increased from N82.395 billion in year 2009 to N89.980 billion in year 2010 end; indicating an increase of 9.21%.