Avon Crowncaps posts loss despite strong revenue growth in Q3

Avon Crowncaps & Containers Nigeria Plc, makers of screw caps and metal containers for the beverage industry and others said that revenue for the third quarter (Oct – Dec) rose 67% to N6.4bn, from N3.8bn in the prior period.

However, a higher cost of sales of N5.8bn, an 87% increase from the prior year’s N3.1bn left little gain in the form of operating profit to cover expenses.

The group posted a net loss of -N123m, from -N22m in the same period a year ago.

Avon Crowncaps & Containers manufactures crowncaps, screw caps, metal containers which are used for packaging of baby foods, milk powder, beverages, insecticides, chemicals and agro based products.

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