Guinness Nigeria suffers 76% profit decline in Q1


Guiness1The Nigerian Stock Exchange today published the first quarter financial results for the three months period ending September 30th, 2015 of Guinness Nigeria Plc which showed sharp profit decline amidst increased cost.

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The results indicated a 3 per cent appreciation in revenue from N21.048 billion to N21.742 billion, but an 18 per cent increase in cost of sales to N12.4437 billion from N10.5 billion as other income fell 25 per cent to N144.242 million from N193.095 million.

Profit before tax declined by 74 per cent to N517.565 million from N1.962 billion, while profit after tax dropped 76 per cent to N362.296 million from N1.484 billion; as basic earnings per share also fell 76 per cent to 24 kobo from 94 kobo.

Current share performance of Guinness Nigeria Plc plunged 5.7 per cent or N8.6 during its last trading session to close at N142.2 per share.

Babatunde Akinsola
Babatunde Akinsola
Babatunde Akinsola is aNaija247news' Southwest editor. He's based in Lagos and writes on the Yoruba Nation political issues, news and investigative reports

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