GSK Consumer Nigeria declares N3.7bn net loss in half-year as currency devaluation bites

GlaxoSmithKline Consumer Nigeria Plc (“GSK Consumer Nigeria”) on Friday reported a net loss of N3.7bn for the first-half of 2016, down from N297m in the same period last year.

The company which recently sold its drinks business (Ribena and Lucozade brands) to Suntory Beverage & Foods Nigeria Limited so it can focus on healthcare and pharmaceuticals said that revenue for the period fell 9.6% to N13bn, down from N15bn last year.

GSK incurred N4.7bn currency loss due to naira devaluation, a 700% decline from last year’s N578m loss.

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