Temitope
Temitope Akinola
Dangote Flour Mills has suffered a loss before tax of N9.554bn for the nine months to June 30, 2015. This loss is higher by 52.1% than the N6.282bn pre-tax loss reported by the company in the same period of 2014.
The company also reported a N9.113bn loss after tax representing a 109.9 percent increase compared to the N4.491bn it suffered in the 9-month review of 2014.
Dangote Flour Mills started the 2015 financial year on a negative note as it declared a loss after tax of N2.920bn in the first quarter of the year. The company recorded loss despite growing its revenue in the review period by 15.2 percent from N28.730bn to N33.102bn. This is as a result of rising costs and expenses as well as other factors.
For example, the company’s cost of sale rose from N26.978bn to N30.486bn in the review period. Distribution, administration and other also increased from N5.282bn to N6.127bn.
The company’s unaudited financial statements for the first quarter, which was submitted to the NSE in February, showed a loss after tax of N2.806bn for the corresponding period a year ago.
The N2.920bn first quarter loss was recorded despite a 27.5 per cent growth in its revenue year-on-year. According to the financial statements, the company revenue grew from N8.364bn in three months ended December 31, 2013, to N10.665bn in the review period.
The company also reported a N9.113bn loss after tax representing a 109.9 percent increase compared to the N4.491bn it suffered in the 9-month review of 2014.
Dangote Flour Mills started the 2015 financial year on a negative note as it declared a loss after tax of N2.920bn in the first quarter of the year. The company recorded loss despite growing its revenue in the review period by 15.2 percent from N28.730bn to N33.102bn. This is as a result of rising costs and expenses as well as other factors.
For example, the company’s cost of sale rose from N26.978bn to N30.486bn in the review period. Distribution, administration and other also increased from N5.282bn to N6.127bn.
The company’s unaudited financial statements for the first quarter, which was submitted to the NSE in February, showed a loss after tax of N2.806bn for the corresponding period a year ago.
The N2.920bn first quarter loss was recorded despite a 27.5 per cent growth in its revenue year-on-year. According to the financial statements, the company revenue grew from N8.364bn in three months ended December 31, 2013, to N10.665bn in the review period.
