HENATES

There was one hole in the pocket of International Breweries PLC during the nine months to December 2015 that could hold it to ransome come financial year end: Losses from non core business. According to the figures for the period released last week, the income stream simply called Other gains that chipped in N129.4m by December 2014 this time came up with N169.3m loss that brought sour taste to hitherto tastee cooking. International Breweries total income had grown by 8.06% to N16694.6m from N16449.8m ahead of core business revenue that closed the period 7.49% up at N16460.8m from N15313.2m. This was because another income stream simply called Other income ended 93.9% up at N11.4m from N5.88m. Finance income did far better rising to N222.4m from N1.32m. From the cost side of the equation, direct cost behaved well rising by only 4.56% to N7812.3m to N8168.7m. Not so for overheads which at N4843.5m was 16.4% up on previous N4161.4m. Incidentally in spite of 692.3% increase on...

The FCMB Group, with a name that makes monument a thing of pride, is certain to have ended year 2015 with some tough luck. Or so the figures for nine months to September released last week show quite clearly. The major blow was from 290.7% leap in loan loss provision from N3912.9m by September 2014 to N15287.5m..The corresponding provision for loan loss in full 2014 year was N10639..9m. Major yes, but it was not the only blow to the jugular. Another worthy of attention was the 9.30% rise in interest expense to N38686.6m from N35396.2m when compared to only 3.42% rise in interest income from N84500.6m to N87396.4m within the period. Others were lesser pressures but with clear impacts too. For one, gross earnings growth was very sluggish at 2.43% to N109294.2m from N149637.4m principally as income from investment and others eased by 4.12% to N19629m from N20472.3m previously. For another, operating expense rose by 3.29% to N50499.2m from N48880.9m. In a way not that threateni...

It almost certain that University Press PLC will be pressed down come its financial year end by March 2016. Or so figures for nine months to December indicate. According to the figures, all income streams recorded decreases and most cost heads stubbornly refused to go down in step with this. Total income for the nine months was N1398.6m down 17.8% on the N1700.7m total recorded previously. This was as core revenue dropped by 17.5% to N1379.2m from N1672.6m, as income from other sources declined by 26.9% to N7.75m from N10.6m and as finance income shrunk by 33.7% to N11.6m compared to N17.5m previously. Of the cost units, only direct cost behaved well. It dropped by 22 % to N616.8m from N791.1m. Others found it more difficult to bend. Marketing and distribution costs dropped by only 5.16% to N286.5m from N302.1m while administration expenses at N305.3m was only 8.43% down N333.4m previously. In the end, University Press profit before tax ended the period at N189.9m down 30.7...

In the half year to December, Tourist Company of Nigeria PLC got help from unexpected quarters: finance costs which actually ought to be the Shylock's share of the cake. According to figures for the period released to the stock market last week, TCN PLC could not record revenue growth or have a super effective control over costs which then left only significantly decreased finance charges to make the day. Its revenue within the half year came to N1611.2m down 0.12% from N1613m by the same time last financial year. This was happily accompanied by 0.14% drop in total expenses to N1635.7m from N1638m. Hence, operating loss decreased sluggishly to minus N24.5m from N24.9 m previously but the point was made, TCN PLC kept costs within control. However, the real good news emerged when finance costs dropped by 67.6% to N282.5m instead of N871.7m  in spite of 23.3% increase on borrowings within the period from N9027.1m to N11132.5m. Hence a sigh of relief was inevitable as total...

The chances are that Honeywell Flour Mills PLc will end the current year to March 2016 with some honey in the pot in spite of the times. So nine months figures to December 2015 point out clearly. According to the figures released this week, this is in spite of the very tight liquidity position of the company and decrease in income from other sources and from finance. This was because of fair growth in turnover helped greatly by  third quarter yuletide plus sales and in spite of direct cost leap in the same third quarter. Within the nine months, Honeywell's core revenue rose by 5.68% to N39775m from N37636m principally as third quarter chipped in 26.2% growth. Thank goodness third quarter contribution to direct cost growth was not as effective because in spite of 25.3% increase recorded within those three months, the nine months rise here came to only 3.23%to N31675m from N30685m. That heralded honey now in Honey well's pot. This was boosted some more when loss from cu...

The stars in Red Star Express PLC do not seem likely to shine that brightly in the current financial year to March 2016. Or so nine months figures to December 2015 seem to indicate. According to the figures released this week, turnover is not only under pressure but more importantly, direct cost is growing out of tune. Group Turnover from core business eased slightly by 0.03% to N4999.1m from N5000.5m mostly because the company's turnover ended a bit more disappointing when compared to previous levels But Red Star the company ended up being more in control of direct costs as its own increased by only 0.29% to N1997.4m from N1991.6m while the group direct cost increased by 1.95% to N3670.5m from N3600.4m. Thus while group gross profit dropped by 5.11% to N1328.5m. that of the company went down by 4.64% to N860.6m The same was the case with management of overheads. Here. the company's administration and operating expenses dropped by 2.26% to N621.6m from N635.3m compare...

At the start of this blog, Henates stated clearly that you won't be advised to buy or sell any particular equity or stock, instead will be provided with information to decide for yourself. In spite of this many page viewers still ask if Henates can advice on stocks and shares to buy or sell. Henates would rather not but here's how to get the bast out of Henates analysis of company results. At the stock market, stockbrokers quote prices for shares based on their perception of the company's fortunes and the supply and demand. You can stay in step with them by having your own perception of the fortunes of companies you are interested in.This is where Henates analysis of released results come in handy. Now, many form their perception from quick studies especially glances at some quick reference ratios. For example, a company earnings per share shows how much a company made as profit attributable to each issued share. It is from this dividend is recommended by direct...