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Daar Communications posts N1.95bn third quarter profit

Daar Communications Plc has recorded significant improvement in its bottom line as its profit after tax stood at N1.949 billion in its third quarter financial performance for the year 2010. This is against a profit after tax of N195.091 million recorded in the same period in 2009.

According to its unaudited financial statement for the third quarter ended, September 30, 2010, released to the Nigerian Stock Exchange (NSE), the company, the improvement was in spite of a drop in its turnover. Its turnover dipped by 3.41 per cent toN2.886 billion from N2.988 billion recorded in similar period in 2009.

It recorded a profit before tax of N1.949 billion compared to a pre-tax profit of N278.702 million recorded in 2009.

Meanwhile, the Board of Directors of NCR Nigeria Plc., has announced the appointment of the Financial Controller, Mr. Olawale Taofeek Sadiq-Onilenla, as the Acting Chief Executive of the company.

This follows the resignation of Mr. Olufemi Fadahunsi as the Country Manager and Executive Director to pursue other interests.

Mr. Tope Dare who is currently the Marketing Manager will now assume full responsibility of the sales organisation in NCR Nigeria.

Also announced was the appointment of Mr. George Flouros, the NCR Area Managing Director, Middle East Africa to the Board of NCR Nigeria Plc.

NCR has been in Nigeria since 1949 and is a front runner in the provision of Retail and Self-Service Financial solutions.

NCR was the first company to introduce ATM machines in the country and has the largest ATM installed base in the Country.

Activities on the Nigerian Stock Exchange reversed the trend Wednesday, bearish trend halted as the equities value represented by the market capitalisation appreciated by N16.21 billion.

In particular, the capitalisation appreciated by 0.20 per cent to close at N8.059 trillion from N8.043 trillion at which it opened.

The All share index surged by 0.21 per cent or 20.74 bases points to close at 25,224.98 points from 25,174.24 points.

Vono Product Plc initiated the improvement leading on the gainers table with a gain of N0.17 to close at N3.59 per share, Diamond Bank Plc followed with the exchange of N0.36 to close at N7.71 per share and Champion Breweries Plc garnered N0.18 to close at N3.93 per share.

Other share price gainers include: Bags Manufacturing Company Plc N0.11, Japaul Oil and Maritime Services Plc N0.06, FTN Cocoa Processors Plc N0.02, Guaranty Trust Assurance Plc N0.06, Tannsnational Incorporation Plc N0.02, Fidelity Bank Plc N0.10, Zenith Bank Plc N0.44, among others.

On the contrary, Capital Hotel Plc led on the losers table with a loss of N0.16 to close at N3.04 per share, Oando Oil Plc with loss of N3.29 to close at N62.66, Intercontinental Bank Plc dipped by N0.08 to close at N1.53 per share.


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