[upme_private]Afromedia (AFROMEDI:NL) Plc released its 2013 9 months results showing a continued decline it earnings. Revenue declined 64% to N695million during the period, higher than the 25% decline in the 2012/2011 comparison. The company post an operating loss of N130million (2012 9months: N355million. Pre-tax loss at the end of the period was N395million.
Retained earnings remain in deep red N4.4billion negative as net assets gradually shrink to just N52million. Debt to equity is a whopping 31x and at this rate the company faces a liquidation if nothing is done to stem the bleeding of cash and profits.
Afromedia Released its 2013 9months results in the website of the NSE[/upme_private]