By InvestAdvocate

Lagos (INVESTADVOCATE)-Brewing firm, Guinness Nigeria Plc on Friday reported a decline in its post tax profit of 19 percent to N9.573 billion from N11.863 billion in its year 2014 audited year ended June 30. According to a filling to the Nigerian Stock exchange (NSE).

Similarly, the brewer recorded a decrease in pretax profit of 31 percent from N17.008 billion in 2013 end to N11.681 billion in the review period of 2014.

Also, revenue dipped 11 percent to N109.202 billion in 2014 audited year end from N122.463 billion reported in the same period of 2013.

Analysts at Cordros Capital say the revenue fall is a reflection of contraction in the beer market.  

‘’While we await management’s guidance on these numbers, we note significant improvement in the Q4-2014 result as PBT and PAT surged quarter-on-quarter (q/q) by 174 percent and 275 percent respectively,’’ the report affirmed.

The analysts further affirmed that Guinness’ growth in the mainstream segment has come under pressure for several quarters as consumers’ downtrade to cheaper products.