Secure IT Electronics released its 2012 FY results and as expected declared a Loss After Tax of N1.58billion. Revenue actually grew 30% to N4.5billion during the year (2011: N3.5billion). Prize Winnings however, increased 24% to N2.67billion compared to N2.1billion in 2011. The company also paid higher dealer commissions rising 51% to N1.62billion. Admin expenses dropped 66% to N385million helping reduce operating loss to N107million from N823million posted in 2011. The company also wrote off losses in impairment amounting to N1.36billion sending the company to a loss after tax for the year of N1.5billion. The loss was 81% higher than 2011 and further piled pressure on the company’s loss reserves.
It will be interesting to see their annual reports when it is released.
Secure Electronics Technology posted its 2012 Audited results in the website of the NSE