Cadbury Nigeria slides to record N766m half-year loss

Cadbury Nigeria Plc, the bournvita maker on Wednesday reported a half-year loss of N766m for the period ended June 30. In the same period a year ago, the company recorded a profit of N147m.

Despite growth in revenue of 16.9%, rising cost of sales which grew 33% in the period to N13bn, from N9.8bn, driven by inflation and higher foreign exchange rates had an adverse impact on gross profit, and on net finance cost, leaping 348% to N274m.

Cadbury Nigeria Plc is a subsidiary of Mondelez International Inc, a U.S.-based global beverage and confectionary company. The firm manufactures three categories of products: Refreshment Beverages, which includes Cadbury Bournvita and Cadbury 3-in-1 Hot Chocolate; Tom Tom confectionery; and Intermediate Cocoa Products, consisting of cocoa powder, cocoa cake and cocoa butter.

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