The West African Portland Company Plc (WAPCO) has announced a turnover growth by N7.3 billion, representing 82.9 per cent increase for the nine months ended September 30, 2004. The unaudited financial results of the company for the same period under review showed that WAPCO recorded a turnover of N16.1 billion in contrast to N8.8 billion made in the comparative period of 2003. However, the company recorded a loss after tax of N2.7 billion, compared with profit after tax of N281.0 million recorded in 2003.
Meanwhile, the company’s turnover increased from N13.36 billion to N13.76 billion. earning per share (adjusted) dropped from a negative 81 kobo to 185 kobo while net assets per share slipped from 537 kobo to 352 kobo. Shareholders were assured that the company’s balance sheet was being reviewed to ensure that future performance exceeds their expectations, adding that the interest was capitalised as part of the new Ewekoro line project.
The Chairman emphasised that the health and future of the company is still very much guaranteed, as the company has increased its turnover from N700 million to N1.5 billion within the first six months of last year (2004), stressing that the restructuring exercise put in place by the board has started yielding dividends. He also disclosed that Lafarge in demonstration of the confidence it has in WAPCO has injected N10 billion to boost the fortunes of the company.