West African Glass Co plc has hinted of a possible discontinuation of business activities due to difficulties and challenges confronting its operational activities. The company said in a statement made available to investors that its "going concern" is under threat due to a negative working capital and shareholders' fund. A "going concern" is a currently operating business that is expected to continue to function as such and remain viable in the foreseeable future. According to its financial statement for year end 31 Dec/08 (presented Dec/09), the firm recorded a working capital deficiency of N1.94BN, & negative shareholders' fund of N604.8M. In the period under review, turnover grew by 18.7%. According to its financial statement for Q3/09, turnover dropped 27.4%.
