…as losses hit N1.182 billion
The auditor of Japaul Gold ventures has raised issues about the firm’s ability to continue as a going concern in its latest released results.
“The company suffered substantial losses from its operations in the 2020 financial year from curtailed activities,” PKF Accountants and business advisers, its auditors said.
“These events or conditions, along with other matters as set forth…indicate that a material uncertainty exists that may cast significant doubt on the Group’s ability to continue as a going concern.”
The Group had been making persistent losses over the years and at 31 December 2020, the Group made a net loss from operation of N1.182 billion, while the Company made a loss of N458 million.
The Group had a working capital deficiency of N2.2 billion, up from N1.7 billion in 2019.
Administrative expenses for the firm in the period surged to N1.11 billion in 2020 from N635 million in 2019.