FTN Cocoa Processors posts N10.51bn loss in three months

FTN Cocoa Processors Plc saw its loss before tax widen to N10.51 billion in the second quarter of this year from N192.4 million in the same period of 2023.

The company’s revenue rose to N637.51 million from zero in Q2 2023, according to its earnings report, which showed a negative shareholder funds of N3.51 billion as of June as against a total equity of N3.28 billion at the end of December.

It suffered a foreign exchange loss of N10.69 billion, compared to a gain of N1.77 million a year earlier.