The Nigerian Aviation Handling Company Plc (NAHCO), has reported a revenue of N4.2 billion for the half year ended June 30, 2015, showing an increase of 8.9 per cent compared with the N3.8 billion recorded in the corresponding period of 2014.
Subsequently, the company drove down cost of sales by 8.9 per cent to N2.5 billion, from N2.7 billion, while distribution/administrative expenses fell by 14 per cent from N1.25 billion to N1.09 billion.
The company ended the half-year with a profit before tax of N503 million, compared with N522 million in 2014, just as profit after tax was N377 million as against N381 million in 2014. Total assets grew from N4.8 billion to N5.1 billion in 2015.
Although the figures reported were a little below the projected performance for the period, analysts were of the opinion that going into the peak half year (H2) period, the company was in a strong position to overshoot the projected full year revenue.
Noting that the results were very encouraging, the Head, Corporate Services of the Company, Mr. Bashir Ahmed Gulma, who spoke for the Managing Director and Chief Executive Officer of the company, Norbert Bielderman, noted that the results came against the backdrop of the devaluation of the Nigerian currency which saw the naira exchanged for more than N130 to the Dollar at some point during the year under review.
