International Breweries reports a 48% profit decline in six months
International Breweries Plc, the Ilesha based brewer acquired by SABMiller in 2012, reported a 48 percent drop in net profit in the six months ended 30th September 2015, to N705 million, from N1.36bn recorded in the same period a year ago. Pretax profit also fell by 50 percent to N1bn, from N2bn in the same period in 2014.
The company saw a slight rise of less than 1-percent in revenue to N10.1bn, from N10bn in the prior year.
The results also showed a 17% rise in operating expenses and a 156% jump in finance cost, from N303 million in 2014 to N791 million in the period under review.
International Breweries’ brands include Trophy Lager beer, Castel Lager, Grand Malt, Beta Malt, among others.