Red Star Express Plc (REDSTAREX) recorded a decline in its 2020 Q3 pre-tax profits, as total revenues declined.
Red Star Express Plc – a courier and package delivery company, reported pre-tax profits of N98.53 million in 2020 Q3 compared to N156.66 million recorded in the same period in 2019 – a 37.10% decline.
Key highlights for 2020 Q3
- Revenue declined to N2.6 billion, -0.94% YoY.
- Revenue from courier declined to N1.47 billion, -6.93% YoY.
- Revenue from logistics increased to N362.5 million, +4.12% YoY.
- Revenue from freight services increased to N387.76 million, +23.82% YoY.
- Revenue from support services declined to N374.59 million, -1.01% YoY.
- Other income increased to N28.34 million, +298.48% YoY.
- Cost of sales increased to N2.03 billion, +1.90% YoY.
- Gross profits declined to N565.24 million, -9.97% YoY.
- Total operating expenses increased to N489.22 million, +3.47%YoY.
- Finance costs declined to N9.18 million, -46.97% YoY.
- Pre-tax profits declined to N98.53 million, -37.10% YoY.