Vita Foam Plc released its half year results to March 2014 posting a pre-tax profits of N601million representing a 2.7% rise from the N585million posted a year earlier.
Keynotes
- Gross profit margin improved to 33% compared to 30% a year earlier
- Operating profit margin also improved to 10% compared to 8.4% a year earlier
- Revenue also improved to N4.4billion this quarter compared to N4.3billion at three months ending December 2013.
- Finance cost increased by 41% over the same period last year as the company remained stubbornly indebted. Importantly debt to equity ratio dropped 32% 0.7x as the company paid off about N1billion in debt between September 2013 and march 2014.
- Overdrafts remains the main portion of its loans and that has continued to trend downwards. It dropped by about N400m in the first quarter of this year and by another N498million in the current quarter. Overdraft still remains high at over N2billion
