AUTHORITIES at the
The NSE had on
Post-listing rules at the NSE require quoted companies to submit their audited earnings reports, not later than 90 calendar days after the expiration of the period. The rules also require quoted companies to submit interim report not later than 30 calendar days after the end of the relevant period. Not less than 83 per cent of quoted companies use the 12- month Gregorian calendar year as their business year. The business year thus terminates on
While
The NSE stated that the lifting of suspension was due to the submission of outstanding financial statements by FTN.
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According to the Exchange, FTN has filed its audited financial statements for the year ended
Key extracts of the audited report and accounts for the year ended
However, FTN recorded gross loss of N284 million in 2018 compared with a gross loss of N251 million in 2017. Net loss stood at N569.37 million in 2018 as against N762.42 million in 2017. Loss per share stood at 26 kobo in 2018 as against 35 kobo in 2017. Directors of the company attributed the negative bottom-line to inadequate working capital that has continued to hinder the company's operations.
The board of the company also blamed high cost of production and high finance expense for the negative performance noting that inadequate working capital hindered the company from procuring raw materials needed to facilitate optimum production.
the company had reduced operating expenses, finance costs remained reasonably high at N261.18 million in 2018, although a reduction from N377.92 million recorded in 2017.
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