Academy Press plc has announced a loss of N151.8 million for the financial year ended 2016 on the heels of poor revenue and hike in operating expenses.
The printing press company had declared a loss of N25.5 million in 2015, as such continued to erode dividend payment to shareholders.
Academy Press reports a loss before tax of N184 million in immediate year from loss before tax of N9.68 million in prior year financials.
The group revenue dropped by 11.4 per cent to N2 billion in 2016 from N2.3 billion in 2015 while total operating expenses rose by 4.5 per cent to N447 million from N428 million the prior year.
Breakdown of Academy Press revenue shows that Books sold in 2016 stood at N1.8billion, 11 per cent below N2 billion in 2015. Revenue generated from annual reports dropped by 27 per cent to N101 million from N138.9 million while revenue from diaries moved by 11 per cent from N21.97 million to N19.7 million.
Other breakdown include 35per cent drop in revenue generated from Calendars that stood at N14.9 million while Labels revenue stood at N62 million from N58 million in 2015.
The 51-year old company’s total assets dip by 1.8 per cent from N3.58 billion in 2015 to N3.5 billion recorded in 2016 as total liabilities up by 3.2 per cent to N2.9 billion as against N2.8 billion recorded in 2015.
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