Business

Tantalizers reports N245m Q3’20 loss

Tantalizers Plc has reported a loss after tax of 245 million for the third quarter ended September 30, 2020 as against a profit of N22.17 million posted in 2019. The company’s revenue dropped by 32.28 per cent from N1.26 billion as against N855.93 million posted in 2020. Cost of sales stood at N355.440 million in 2020 from N729.712 million posted a year earlier. Tantalizers reported a loss after tax of N65.083 million for the first quarter ended March 31, 2020 as against a loss of N80.890 million posted in 2019.

The company’s revenue dropped by 5.56 per cent from N307.714 million as against N290.600 million posted in 2020. Cost of sales stood at N161.064 million in 2020 from N194.287 million posted a year earlier. The firm posted a drop of 74.29 per cent in after tax for the financial year ended December, 31 2019. According to the company in a filing with the Nigerian Stock Exchange, profit after tax stood at N22.171 million for the financial year as against a profit of N86.252 million posted in 2018.

The company’s profit before tax stood at N33.431 million from N96.024 million in 2018, representing a drop of 65.18 per cent. Revenue dropped by 17.11 per cent from N1.525 billion as against N1.264 billion posted in 2019. Cost of sales stood at N729.712 million in 2019 from N895.669 million posted a year earlier. Tantalizers, which returned to profitability in 2017 after being in the red, started the year 2018 on the negative slipped back to loss position at the first quarter of the year 2018 ended March 31 to what market analysts majorly attributed to weak consumer demands, stiffer competition and increased financing cost, which have resulted in slow growth of many companies.

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