GlaxoSmithKline Consumer Nigeria Plc, the company behind beverage brands Lucozade and Ribena, among others, said on Thursday that its net income for the period January – March 31 2016 declined 37% to N188m, from N297m in the same quarter a year earlier.

However, the beverage and healthcare company saw a slight lift of 2.5% in sales for the quarter to N7.6bn, from N7.5bn a year earlier.

Cost of goods sold for the period climbed 15% to N5.2bn, from N4.5bn in the previous quarter.

GSK Nigeria’s revenue and profits continues to be impacted by competition and weak consumer spending brought on by macro-economic headwinds. The company announced in January that it had received a non-binding offer from Suntory Beverage & Food Limited (SBF), a Japanese beverage company to buy their beverage unit (Ribena, Lucozade and part of their Agbara, Ogun State plant). Discussions between both firms are still continuing.

GSK Consumer Nigeria is a unit of GlaxoSmithKline of the United Kingdom. The company makes a wide range of products in three business segments – Beverages, which includes Lucozade, Ribena, Blackcurrant and Horlicks drinks; Wellness products such as Panadol; and Oral Healthcare products, which includes Macleans and Sensodyne toothpaste.