Business Flour Mills of Nigeria's First Quarter Profit Down by 24%



Flour Mills of Nigeria Plc's first quarter profit before tax of N3.54 billion for the first quarter ended June 30, 2014 is down by 24.5% when compared with the N4.69 billion recorded in the corresponding period of 2013.

The results released to the Nigerian Stock Exchange (NSE) showed that its turnover declined to N9.71 billion compared with N10.49 billion in the same period of last year, BusinessNews says.

The PBT declined was due to a combination of factors, which including a 22bp reduction in gross margin to 11.6 per cent, a 76 per cent y/y rise in interest expense to N5.5 billion and a 46 per cent y/y decline in other operating income.

These negatives, analysts stated, completely offset the bright spots in the results, which were the 27 per cent y/y decline in opex to N3.8 billion, 7.0 increase in the share of profits from associates (mainly UNICEM) to N1.3 billion and a 32 per cent y/y growth in investment income to N966 million. Analysis of the company’s result revealed that its profit after tax also declined by a similar margin to that of PBT, by 24 per cent y/y to N2.6 billion

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