ABC Transport released its 2013 Q1 results with revenues rising 6.4% to N1.6billion. Gross Profit however dipped to N435million compared to N445million posted same period 2012. Operating profit dropped 26% to N117million (2012 Q1: N158million). The bank however, posted a pre-tax profit of N103million 68% higher than N61million posted same period 2012. The increase in pre-tax profits was mainly due to income from other sources as well. They also wrote of N23million in 2012 Q1 which they didn’t have to do this period. The company is still bogged down by high operating cost as it posted a thin profit margin of just 3.7%. However, things seem to be improving for the company. However, this result is still not enough to improve it ratings…still in red to me.
