By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-Flour Mills of Nigeria Plc Monday said its profit after tax (PAT) dropped by -27.4 percent (-27.4%) in its third quarter (Q3) report for the period ended December 31, 2013.

To record the drop in profit, the company in its Q3 of 2012 declared N8.167 billion compared to N5.932 billion in the same period of 2013.

Similarly, profit before tax (PBT) declined by 28% as the firm posted N8.35 3billion in the review period of 2014 compared to N1153 billion reported in the same period of 2014.

However, gross earnings increased from N205.51 billion in the           Q3 period of 2012 to N240.18 billion in 2013; indicating an increase on gross earnings of 17%.

The company had last week said it plans to invest $1 billion over the next 3-5 years to fund growth and expand into the West Africa sub region.