MRS Profitability Takes a Hit in Q1 2012 Earnings, Net Income N 123 million
MRS saw its sales swell to N 19.1 billion over the first quarter, up 9% from N 17.5 billion in Q1 2011.
Increased cost of sales (+10%), Distribution and Admin expenses (+12%), and other costs increases conspired to adversely affect profitability.
Profit before tax came in at N 236.5 million, down 66% from N 688 million it made in Q1, 2011.
Net Income was N 123 million, down 64.7% from the N 349 million it recorded over the same period last year.
The price of MRS stock is currently trading at N 36.5, down 38% from the onset of the year.
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