Multiverse Nigeria Plc’s total assets decline to N4.57 billion in Q1 2017

 Multiverse Nigeria Plc may have sent signals that its operational challenges may last longer, as its first quarter 2017 periodic result revealed.

The result released by the Nigerian Stock Exchange on Wednesday, showed that while operations in the period was suppressed, valuations of plants and equipment continue to soften.

The Q1 result showed that while current assets declined, total assets also reduced, indicating none injection of fresh assets over a period or in the quarter under review.

While total assets dropped to N4.57 billion in the first quarter, from N4.60 billion in the preceding quarter ended 31 December 2016, total current assets also declined to N4. 50 billion, against total current asset of N4.55 billion posted in the last quarter 2016.

Quarry properties N29.99 million in first quarter 2017, while at the end of fourth quarter 2016, it stood at N29.99 million.

Mine properties N1, 561,364, against N1, 544,380 that was posted in the fourth quarter 2016 ended December 31. Property plant and equipment for the first quarter 2017 also stood at N2, 910,137 billion, from N2, 968,307 billion recorded in the fourth quarter 2016 ended 31 December.