By InvestAdvocate

Lagos (INVESTADVOCATE)-Dangote Flour Mills Plc has announced the change in its financial year end.

This is contained in a notice from the firm to the Nigerian Stock Exchange (NSE) and made available to InvestAdvocate in Lagos Nigeria.

Dangote Flour Mills said that it has changed its financial year end from 31st December to 30th September of each year. “As a result of this, the end of the first new financial year being September 30, 2013 will be a nine-month period” the notice said.

According to Dangote Flour mills, this decision was ratified by the company’s shareholders at its annual general meeting (AGM) which was held on Monday, 19th August 2013.

This is coming on the heels of the firm declaring a N2.299 billion loss in its half year report for the period ended June 30 2013.

A review of the half year 2013 report shows that profit after tax (PAT) of the company went from a negative of N464.352 million in the half year period of 2012 to a negative N2.299 billion in the review period of 2013; indicating a loss in PAT of -595.1%.

Similarly, pretax profit also went from a negative of N479.051 million in the second quarter of 2012 to a negative of N3.773 billion in the same period of 2013; showing a loss of -403.7%.