Dangote Sugar Refinery Plc has recorded a profit after tax of N713.87m in its unaudited result for the second quarter ended June 30, 2012.

This result represents a decline by 50 per cent or N718.87m from N1.432bn recorded for the same period last year.

According to the Nigerian Stock Exchange’s report for the week ended August 3, 2012, the company’s turnover rose by 3.1 per cent or N46m to N15.42bn from N14.96bn the preceding year.

The report noted that its net asset value stood at N41.85bn in the period under review compared to N39.73bn recorded a year ago.

Also Cutix Plc recorded a 6.3 per cent drop in its profit for the year ended April 30, 2012.

Its profit from continuing operations, which stood at N84.33m in 2011, fell by N5.32m or 6.3 per cent to N79.01m in the period under consideration.

The company’s turnover, however, rose by 9.5 per cent or N137m from N1.43bn in 2011, to N1.573bn in the year under consideration, while its net asset value stood at N511.23m compared with N495.62m in December 2011.

Mobil Oil Nigeria Plc’s unaudited result for the second quarter ended June 30, 2012, showed a turnover of N42.57bn compared to N29.13bn a year earlier, while profit after tax stood at N964.39m up from N2.31m recorded in 2011.

On the other hand, its net assets fell from N6.396bn in 2011, to N5.848bn in the year under consideration.

UACN Property Development Company Plc recorded a total revenue of N5.422bn in its unaudited result for the second quarter ended June 30, 2012.

This figure represents an increase over N3.690bn recorded a year earlier, while profit after tax rose from N445m in 2011 to N6161m in the year under consideration.

The NSE report also noted that the company’s net assets rose from N29.79bn last year, to N31.02bn in 2012.

According to the report, 12 companies have submitted their unaudited second quarter results to the NSE, but due to failure to comply with the International Financial Reporting Standard, the companies have been asked to resubmit their accounts in the proper format.

The companies include Cornerstone Insurance Plc; African Paints Plc; Mutual Benefits Assurance Plc; Union Ventures Plc; Red Star Express Plc and Aluminum Extrusion Industries Plc.

In the Over-the-Counter Bond market, 136.580 million units worth N130.74bn were exchanged last week in 965 deals, compared with N251.566 million units, valued at N237m recorded the previous week, in 1,020837 transactions.

Source; Punch/Udeme Ekwere