FULL YEAR RESULTS (3): PORTLAND PAINTS & PRODUCTS; NPF MICRO FINANCE PLC

PORTLAND  PAINTS & PRODUCTS PLC: BLOW TO THE JUGULAR
Obviously, the tough year 2015 delivered a deadly blow to the jugular of Portland Paints & Products PLC that will take a while to lose its impact.
According to the audited results for the year, Portland Paints recorded about s quarter drop in total income to N2221.8m as core revenue decreased by 22.5% to N2168.5m dragged further by 48% decline in Other operating income to N53.3m and 32.5% drop on finance income to N3.28m.
Yet the more damaging blows came from pressure on cost across the board for Portland Paints. Because of this pressure, cost of sale rose by 14.8% to N1270.8m despite the drop in core revenue; administration cost rose to N673.5m and finance charges at N124.5m ended 8.17% up.
Only selling and distribution cost showed any decrease. It dropped by 14.8% to N414.6m but compared to the decrease recorded in even core revenue, it was not good enough to make a difference.
And so, Portland Paints ended 2015 in the loss league in style of sorts because it lost in 2015 almost twice all it gained in 2014.
The loss for the year came to N258.4m as against N194.3m profit before tax in 2014.
PORTLAND PAINTS & PRODUCTS PLC. (Nm)
                              2015.        2014
Total income.      2221.8.    2960.7
Core revenue.      2168.5.    2798.2
Cost of sale.        1270.8.    1492.3
Other op. Income.   53.3.      102.5
Distribution etc      414.6.     486.6
Administration.      673.5.     617.2
Finance income       3.28.       4.86
Finance charges.   124.5.     115.1
Profit before tax.  (258.4).     194.3
Profit margin %      (11.6).       6.56
NPF MICRO FINANCE PLC: MACRO PAINS
NPF Micro Finance PLC went through macro pains in 2015 financial year and ended with a little shrunk profit margin.
Sure, according yo the audited results, NPF Micro Finance reported relatively impressive 21.5% increase in gross earnings to N2592.7m as interest income rose by 22.5% to N1795.9m, fee and commission clocked N585.4m from N495.6m and Other income chipped 22.3% more at N211.4m.
But at the end of the tunnel, profit growth recorded came to only 11.6% to N688.9m resulting in 26.6% profit margin compared to 28.9% in 2014.
The spoilers were 102.9% leap in interest expense to N263.4m; N68m impairment provision as against N5.81m write back in 2014; and double digit increases in personnel and administration costs to N978.3m and N518.3m respectively.
NPF MICRO FINANCE PLC (Nm)
                          2015.            2014
Total income. 2592.7.         2134.7
Interest inc.    1795.9.         1466.3
Commission    585.4.           495.6
Other income.   211.4.          172.8
Impairment.      (68.0).           5.81
Personnel.        978. 3           875.1
Administration 518.3.           442.4
Profit before tax 688.9.         617.5
Profit margin %.  26.6.            28.9

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