NIGERIA – A Nigerian palm oil company, PRESCO Nigeria plc released its monetary in 2013, which showed the decreasing income in the up and bottom line level.

Thursday (8/5), BussinessDay reported, the company had about 11.760 hectares (ha) palm oil area and palm oil factory within 60 tons/hour fruit in capacity. The gross profit decreased  24,89% year to year (yoy) to be N 8.48 billions than in the same period in last year (year 2012) which was N11.251 miliar.

Beside that, the profit before tax (PBT) of the company also decreased about 39,8 % to be N2.33 billions in FY13 , than in N3.87 miliar in FY12. While the profit after tax (PAT) also decreased about 61,78% to be N1.33 billions in 2013 from N3.48 billions in 2012.

 The decreasing works negatively effected to the profitability and the efficiency of the net margine which decreased from 30,90% in 2012 to be 15,68% in 2013.

It was estimated for the illegal import palm oil which was offered cheaper in the markets.(T3)