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Tantalizers Plc suffered NGN189.2 million loss in nine months of 2020, AllNews gathered from the company's earnings report, which also revealed that Tantalizers franchise business performed poorly during the same period.
Tantalizers revenue also dropped by 47.1% within the same period when compared to the turnover of the company during the corresponding period of 2019.
The quick-service restaurant (QSR) generated NGN665.9 million as revenue in 9months, falling short of the NGN1.26 billion Tantalizers garnered during the same period of last year nine months; this represents a decline of 47.1% in the company's revenue.
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AllNews gathered that Tantalizers was able to reduce its cost of sales during the period under review, as the company reported NGN355.4 million for the period ended September (January to September) 2020, a figure lower than the NGN729.7 million reported as Cost of Sales for the same period in 2019.
Gross Profit of Tantalizers also dropped significantly, ending the nine months period of 2020 at NGN300.4 million, failing to surpass the NGN534.9 million the QSR company recorded as total profit during the corresponding period of 2019 nine months.
The nine months of 2020 was a struggling period for Tantalizers, as it recorded a loss of NGN189.2 million in Operating Profit, a year after it recorded NGN127.04 million in Operating Profit.
In the same vein, there was also a loss of NGN245 million in Profit Before Tax during the nine months of 2020. The struggling company had reported NGN33.4 million as Profit Before Tax during the corresponding period of 2019.
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Also following the same path is the Profit After Tax, which Tantalizers reported to have lost NGN245 million in nine months of this year - prior to this period, Tantalizers had recorded NGN22.1 million as PAT for the same period in 2019.
Meanwhile, income for Tantalizers' franchise business nosedived, as the company recorded NGN56.7 million in nine months of 2020, failing to surpass the NGN111.1 million Tantalizers generated from its franchise business during the same period in 2019.
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