SUSPENSION: OMATEK, UNTL SUBMIT 2010 FINANCIAL RESULTS

By NBF News
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In an apparent response to the suspension placed on trading of their shares on the floors of the Nigerian Stock Exchange, NSE, Omatek Ventures Plc and United Nigeria Textiles, UNTL, Plc have submitted their financial statements for the 2010 financial year.

The results presented to the NSE, Wednesday, though unimpressive, were mixed as Omatek recorded significant decline in its bottom line, while UNTL recorded a negative bottom line.

Computer and computer accessories manufacturer, Omatek, in its audited results for the year ended, December 31, 2010, posted a turnover of N1.048 billion, down by 39.21 per cent from N1.724 billion recorded in its 2009 financial year.

Its cost of sales dropped to N530.95 million from N1.17 billion in 2009, while its profit before tax dropped by 68.21 per cent to N116.006 million compared to N364.94 million in 2009.

The company's profit after tax depreciated by 65.07 per cent to N109.836 million compared to N314.422 million recorded in 2009.

However, fixed assets rose by 102.47 per cent to N2.298 billion from N1.135 billion recorded in 2009, while its net assets stood at N7.336 billion, up by 6.58 per cent from N6.883 billion recorded in 2009.

United Nigeria Textiles Plc, on the other hand, recorded a loss before tax of N2.096 billion and a loss after tax of N1.309 billion in its audited results for the year ended, December 31, 2010, compared to a loss before tax of N1.73 billion and a loss after tax of N1.69 billion in its 2009 financial year.

Its turnover dipped slightly by 0.46 per cent to N9.181 billion compared to N9.223 billion recorded in 2009, while cost of sales dropped to N9.159 billion compared to N9.207 billion in 2009.

It recorded fixed asset of N3.845 billion down from N4.185 billion recorded in 2009 while net assets stood at N4.089 billion from N5.398 billion recorded in 2009.

The NSE, had suspended trading on the shares of Omatek Ventures Plc, United Nigeria Textiles, UNTL, Plc and 22 others for their failure to submit their financial statements for the year 2010.

The other companies are: Dangote Flour Mills, Union Dicon Salt Plc, Etranzact Plc International Paints for West Africa, IPWA Plc, Premier Paints Plc, Nigerian Wire & Cable Plc, P.S. Mandrides & Company Plc, Lennards Plc, Morison Industries Plc, Ikeja Hotel Plc,

Aluminium Manufacturing Company Of Nigeria Plc, First Assurance Plc, African Alliance Insurance Plc, Great Nigeria Insurance Plc, Guinea Insurance Plc, Standard Aliance Plc, MTI Plc, Invesment & Allied Assurance, Daar Communication Plc, Resort Savings & Loans Plc, West Africa Glass Industries Plc and Afroil Plc.

The NSE, had last month, sanctioned the companies, placing their shares on technical suspension - a situation whereby the shares of the companies will be traded upon, but there would be no movement on the prices of the shares.

Meanwhile, soon-to-be-delisted Nigerian Bottling Company announced a profit after tax of N405 million for its 2011 financial year, compared to N868 million in the same period in 2010.

According to its unaudited results for the half year ended, June 30, 2011, its turnover rose to N57.614 billion from N52.39 billion recorded in 2010, while it posted profit before tax of N488 million compared to N1.175 billion in 2010.