The board of directors of Tripple Gee & Company Plc has blamed the relapse of the company into loss on the continuing depreciation of naira, which has impacted negatively on the profit margin of the security printing and Accessories Company.
In a regulatory filing last week, the nine-month report of Tripple Gee for the period ended December 31, 2016 showed a loss after tax of N16.12 million by December 2016 as against modest net profit of N2.6 million in comparable period of 2015. Total turnover had dropped from N532.95 million in 2015 to N354.24 million in 2016.
The company recorded pre-tax loss of N12.58 million by December 2016 compared with pre-tax profit of N8.29 million by December 2015. The company’s board noted that its profit margins are continuously being eroded as a result of continuous depreciation of the naira.