June 9 (Lagos) - Julius Berger Plc ( JBERGER ), country's largest construction company reported unaudited results for the first three months of 2012. Top line revenue reduced to N 36.57 billion in 2012 first quarter from N 38.82 billion in 2011. Marketing and admin expenses reduced to N 2.66 billion from N 3.14 billion quarter over quarter. Shares of the company declined 5% today at the Nigerian Stock Exchange in Lagos probably because of the dividend date approaching of June 22. The slight fall in revenue is not really an issue for investors at this stage of the financial calendar.
Profit after tax increased to N 995 million in the first three months of 2012 from N 931 million during the same period of 2011.
The company recorded PAT of N 4.87 billion for full year 2011. The company seems to be on track to do better than last year because it has posted a higher PAT despite a fall in revenue. This shows that company be becoming more efficient and reducing its costs.
Highlight of the Balance Sheet is the increase in cash reserves to N 14.62 billion at the end of March from N 11.65 billion at the end of December. Property plant and equipment increased to N 56.5 billion while Net Assets increased to N 11.08 billion at the end of March. Under Liabilities, the short term borrowings increased to N 19.86 billion at the end of March from N 16.03 billion at the end of December.
Shares of Julius Berger Plc currently trade at N 29.08 at the Nigerian Stock Exchange in Lagos. In March the company posted a 74% increase in its PAT for full year 2011 and announced a dividend of N 2.40 per share. The dividend will be paid on June 22 and has a yield of 9%.
reporting for easykobo.com on Satuday, June 9 2012 from Lagos, Nigeria