eTRANZACT  Posts  N72.6m Loss In 9M 2020

eTRANZACT International Plc has recorded a loss of N72.6 million for the period ended September 2020, a 15.3 per cent decline.

According to the company’s latest  financials sent to the Nigerian Stock Exchange on Friday revenue declined to N5.45 billion, down by -16.1 per cent Y-o-Y.
Both Loss Before Tax and Loss After Tax deteriorated to a loss of N72.6 million, up by +15.3 per cent.
Cost of sales declined to N5.17 billion, down by -15.3 per cent Y-o-Y.
In the same vein gross profit declined to N281.7 million, indicating a loss of 28.1 per cent Y-o-Y.

Also administrative expenses declined to N492.1 million, down by -0.5 per cent Y-o-Y among others.
However property, plant and equipment increased to N667.9 million, up by +20.1 per cent within the period under view.

The same with total assets which grew to N6.95 billion, up by +2.8 per cent within the period under view.

eTRANZACT has been battling to recover since after posting a loss of N268 million in 2018.
By Q2 2019, the firm seemed to have overturned the deficit, posting a profit of N96.09 million.

However, since the beginning of the year, the firm had subsequently recorded a loss in both quarters of the year. These losses seemed to have eroded the gains made by the firm in 2019.