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International Breweries narrows loss in half-year

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Ilesha-based International Breweries Plc said its losses in the first-half of the year (Apr – Sept) narrowed to N52m, from ₦1.9bn in the previous year. The brewer blamed the loss on unrealized foreign exchange loss which skyrocketed 894% in the six months to ₦983m ($2.7 million). The maker of Trophy lager said it had a particularly difficult second quarter as much of the FX loss came from this period, rising 4,238% to ₦945m ($2.6 million). The net loss in Q2 was even far much greater, at ₦1.2bn, from ₦216m. The FX loss had a material impact on cost of sales which grew 34% in the first-half to ₦9.4bn. Administrative expenses also weighed on the company’s earnings, leaping 34% to ₦3.6bn and rising nearly 50% in the second quarter to N2bn. Despite the loss, the firm said that revenue in the f

Champion Breweries records 57% profit growth in nine months

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Champion Breweries Plc said on Tuesday that net profit for the nine months to the end of September grew 57% to ₦152m ($419,000), up from ₦97m ($267,000) in 2016. The Akwa Ibom-based brewer said that profit growth was helped by a 25% sales lift which reached ₦3.3bn ($9 million) from ₦2.7bn ($7.4 million) in the previous year. Cost of sales grew marginally at 13.5% to ₦2.5bn ($6.9 million), helping boost Gross profit 58% and Operating Profit 73% to ₦171m ($471,000). Champion Breweries brews Champion Lager and Champ Malt which are marketed in Akwa Ibom and environs. The firm is an indirect subsidiary of Heineken N.V. $1 = 363Powered by WPeMatico

Tasty Time MD arrested for manufacture of unregistered beverages

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The Managing Director of Tasty Time Nigeria Ltd, Isaac Kole, was arrested on Thursday and arraigned before a Federal High Court in Lagos over alleged manufacture of fake and unregistered products. The National Agency for Food and Drug Administration and Control (NAFDAC) arraigned the accused alongside his company on a four-count charge bordering on producing fake products. In the charge sheet, NAFDAC’s Prosecutor, Mrs Okon Chinyere, alleged that Kole and his company had been using their plant to produce unregistered Tasty Time products. She identified the products as Tasty Time juice, Glucosaid Energy drink, Tasty Time Pops Orange flavoured drink, Tasty Time Fitz Apple drink and Tasty Time mixed Orange flavoured drink. The accused was also alleged to have packaged and labelled the products

Beta Glass nine months profit decline despite sustained revenue growth

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Beta Glass Plc reported a 22.7% decline in profit for the nine months to the end of September. Profit dropped to ₦2.2bn blamed on a host of cost increases. This is despite reporting a revenue growth of 12% in the period to ₦14.9bn from ₦13.3bn in the previous year. The glass bottle and metal crowns company said that the third quarter was particularly challenging for the firm with a 30% increase in cost of sales to ₦4.9bn from ₦3.8bn in the previous year. Selling and distribution expenses also grew 2,371% in Q3 to ₦26m while administrative expenses capped it off, rising 35% to ₦365m. According to the company’s financials, the cost increases was driven by a net foreign exchange loss which had an adverse impact on net finance cost, driving it up by 94% in the nine months to ₦74m and 41% in th

Seven-Up losses widen in half-year as finance cost bites

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Seven-Up Bottling Company Plc (“SBC”) on Tuesday reported its half-year results for April through September, with the soft drinks maker posting a record loss of ₦6.2bn ($17 million), a 302% increase from last year’s loss of ₦1.6bn ($4.4 million). The company blames its misfortune on skyrocketing net finance cost which ballooned to ₦3.6bn ($9.9 million) in the six months to the end of September, a 91% increase from last year’s ₦1.9bn ($5.2 million). Despite the loss, the company posted an impressive 13.5% increase in sales to ₦53.3bn ($146.8 million) for the period. The soft drinks giant has seen its earnings become losses over the last several quarters as it faced a spike in the cost of obtaining foreign exchange which has made dollar denominated loans very expensive, thus increasing finan