Resort Savings and Loans has recorded an impressive performance in its first quarter result as its profit rose to N81.39 million.
The company result indicated that the profit went up by N8.86 million or 12.22 per cent when compared to N72.53 million achieved in the corresponding period of 2010.
The unaudited financial result released by the company further revealed that the gross earnings rose from N256.72million recorded in the preceding year to N280.03 million within the period under review, representing a growth rate of N23.31 million or 9.1 per cent.
The net Asset Value also surged by 2.1 per cent to N4.064 million compared with N3.982 million posted at the end of December last year.
It could be recalled that the company for its financial year ended December 31, 2010 recorded slight decline in all its financial indices .
Its gross earnings declined by N79 million or 6.73 per cent to N1.095 billion against N1.174 billion recorded in the corresponding period of 2009.
The result further showed that the company recorded loss before tax of N1.680 billion against profit before tax of N405.82 posted in the comparative period of 2009.
The audited result submitted at the Nigerian Stock Exchange(NSE) indicated that the company posted Loss After Tax of N 2.036 billion, representing a decrease of 760 per cent when compared to a Profit After Tax of N308.325 million of the previous year.
The loans and advances dropped from N2.996 billion in the comparative period of 2009 to N2.186 billion, indicating drop of N81 million or 27 per cent.
Further analysis of the company’s result revealed that its fixed assets grew to N298.152 million within the period under review, representing a surge of N51.699 million or 20.9 per cent when compared to N246.453 million recorded in the preceding year.
The customers deposit also went up by N396.4 million or 46.1 per cent to N1.256 billion as against N859.6 million recorded in the corresponding period of 2009.
While the net assets grew to N5.840billion from N7.566billion recorded in the preceding year.
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