By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)-Ellah Lakes Plc operating in the Agricultural sector of the Nigerian Stock Exchange (NSE) Thursday reported a loss of N2.54 billion in its first quarter (Q) report for the period ended October 31, 2013.

To record the loss, the firm posted a Profit after Tax (PAT) of N2.54 billion in its Q1 report for 2013 compared with N12.122 billion in the same period of 2012; indicating a loss of -446.6 percent (-446.6%) in the review period.

Profit before Tax (PBT) was also at the same margin as the firm recorded N2.54 billion loss in the Q1 of 2013 compared with N12.122 billion in the corresponding period of 2012; representing the same loss of -446.6%.

However, the firm recorded an increase in sales revenue of 6,057.4%, in the review period, revenue increased significantly from N249.100 million in the Q1 of 2013 compared with N15.338 billion in the review period of 2013.