A few weeks ago FTN Cocoa announced that an American company had invested in it. The share price rose 20% the next day. At the time the company had not released its earnings for 2014. It finally did today and it’s not so pleasing to the eye. Here is an excerpt of the results. The share price is currently flat at 52kobo.
| FTN COCOA | |||
|---|---|---|---|
| 2014 Year | Q1 | Q2 | H1 |
| N'm | N'm | ||
| Income Statement | |||
| Revenue | 151 | 8.7 | 159.7 |
| Cost of Sale | -200 | -99 | -299 |
| Gross Profit | -49 | -90.3 | -139.3 |
| Admin Expenses | -56 | -59.7 | -115.7 |
| Operating Profit | -105 | -150 | -255 |
| Other Operating Income | 27.8 | 0.2 | 28 |
| Finance Cost | -13.2 | -11.4 | -24.6 |
| Profit Before Tax | -90.4 | -161.2 | -251.6 |
| Taxation | 0 | 0 | 0 |
| Profit after Tax | -90.4 | -161.2 | -251.6 |
Seriously Doc Ugo, we were never expecting a good result, it takes few years for this company to pick up….