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UTC Nigeria Plc Books N 1.4 billion Profit in 2011 Earnings

By on April 11, 2012

UTC Nigeria Plc a leading processor and marketer of baked goods and meats has released its 2011 audited financial statements.

The company’s revenues took a slight hit, dropping 0.9% from N 2.82 billion in 2010 to N 2.79 billion at the end of the 2011 financial year.

The company recorded a loss of N 154 million before accounting for tax and exceptional items as against the N 79 million in profit before tax it recorded in 2010.

Surprisingly the company recorded a whopping growth of 1653% in net income, largely due to an extraordinary event recorded on its balance sheet. The extraordinary item was booked at N 1.56 billion.

Net Income was N 1.4 billion as opposed to N 79 million in 2010.