By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-Flour Mills of Nigeria Plc said its profit before tax (PBT for 2015 audited year ended March 31 climbed down 6.11 percent to N7.724 billion from N8.227 billion reported a year ago.
On the contrary, profit after tax (PAT) surged 57.89 percent to to N8.474 billion from N5.367 billion recorded in the full year period of 2014.
Similarly, the company’s revenue for the review period was N308.75 billion compared to N325.79 billion in 2014; indicating a 5.22 percent dip, Flour Mill said in a filing with the Nigerian Stock Exchange (NSE).
A Cordros report says finance costs of the Fast Moving Consumer goods (FMCG) company surged 16.16 percent to N18.70 billion, while finance income deteriorated 54.18 percent year-on-year (y/y) to N2.30 billion.
“The Company recorded a gain on disposal of investment (UNICEM) of about N14.29 billion, which pared Profit before Tax (PBT) to a y/y decline of 6.12 percent to N7.72 billion. Profit after Tax (PAT) soared at 57.87 percent y/y to N8.47 billion following a tax saving of N0.74 billion,” the report added.
