Julius Berger reports loss of N3.8 billion for 2016 FY

Julius Berger Nigeria Plc has reported a loss after tax of N3.8 billion for the year ended 31st December 2016.

The company’s audited accounts submitted to the Nigerian Stock Exchange, NSE, on Tuesday showed that profit dropped from N2.4 billion in 2015 to a loss after tax of N3.8 billion in 2016 representing a decline of 256.4 percent.

The construction company also recorded a profit before tax decline from N6.5 billion to a loss before tax of N1.5 billion

However, Julius Berger’s income statement revealed that revenue increased to N139 billion, by 4 percent from N134 billion in 2015, of which 95 percent were from construction contracts and 5 percent for rendering of services.

The company recorded an investment income growth to N284.7 million from N139.8 million, while other financial parameters as recorded in the financial statements showed, retained earnings dropped to N17.1 billion from N22.7 billion, shareholders’ funds rose 4 percent to N25.3 billion from N24.3 billion, total assets stood at N259.2 billion from N245.1 billion, while earnings per share increased 71 percent to N2.28 per share from N1.33.

The Directors of the Company have also announced that they will not  be recommending payment of dividends to members at its 47th annual general meeting for the financial year ended 31 December.