By Christopher Nnanta InvestAdvocate

Lagos (INVESTADVOCATE)-Afromedia Plc Thursday announced a dip of 59.8 percent (59.8%) in its Profit After Tax (PAT) in its First Quarter (Q1) Unaudited Result for the period ended December 31 2011.

This is contained in the Result Announcement by the Firm to the Nigerian Stock Exchange (NSE) and made available to www.investadvocateng.com in Lagos Nigeria.

To record the dip in PAT, the Firm recorded N54.141 million in its Unaudited Q1 Result December 31 2011 compared to N134.665 million in the same period of 2010; showing a dip of 59.8%.

Profit Before Tax (PBT) also decreased from N154.787 million in the Q1 of 2010 compared to N62.231 million in the First Quarter of 2011; indicating a decrease of 59.8% in the review period.

Also Turnover of Afromedia declined in the Q1 of 2011 as the Company recorded N704.586 million in 2011 compared to N969.414 in 2010; representing a decline of 27.3%.

In the same vein, Cutix Plc’s Profit also slipped 39.9% in the Unaudited Results Q3 ended January 31 2012 as the Company recorded a PAT of N59.566 million in 2012 compared to N87.418 million in 2011.

Also PBT dropped by the same margin of 39.9% as the Firm recorded N59.566 million in the Q3 of 2012 compared to N87.418 million in the same period of 2011.

However, Turnover grew slightly from N1.124 billion in the Q3 of 2011 compared to N1.166 billion; showing a growth of 3.7% in the review period.

Meanwhile, Abbey Building Society Plc, third listed Company on the Mortgage Sector of the Nigeria’s Exchange released its Second Quarter (Q2) June 2012 Earnings Forecast.

The Primary Mortgage Institution (PMI) forecast a Turnover of N866.050 million, Profit before Tax of N170.982 million and Profit before Tax of N136.786 million.