Premier Paints Suffer N6.91million Loss In Three Months, As Revenue Fall -8.85%

Premier Paints suffered a NGN6.91 million loss, as it recorded a -8.85% drop in the company's revenue for the third quarter of this year when compared to the corresponding period in 2019. AllNews gathered Premier Paints turnover stood at NGN27.26 million for 2020 Q3, failing to surpass the NGN29.91 million generated in Q3 2019.

Despite the fall in 2020 Q3 revenue, the company was able to sustain growth in its gross profit, after recording NGN8.52 million in the three months of Q3 this year, rising above the NGN6.03 million Premier Paints reported as gross profit for the same period in 2019.

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The increase in Gross Profit occurred due to the decline in Cost of Sales, which fell to NGN18.73 million in Q3 this year, below the NGN23.88 million Premier Paints reported for the corresponding period of 2019.

Premier Paints suffered NGN6.91 million Operating Loss in three months of Q3 2020 which falls between July to September. In the corresponding period of last year's third quarter, Premier Paints recorded an even higher Operating Loss of NGN8.65 million.

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The loss continued in its Profit Before Tax for the period of Q3 2020, after recording a loss of NGN6.91 million. This is lower than the NGN8.71 million Premier Paints reported during the same period of last year.

Premier Paints Profit After Tax also took the same path, following a loss of NGN7 million in the third quarter of 2020, although, lower than the NGN8.71 million recorded in the corresponding period of 2019 Q3.