Daily Archives: October 27, 2016

Nigerian Breweries profit slumps 23% in 9-months amid challenging macroeconomic conditions

Nigerian Breweries Plc on Wednesday reported a 23% drop in profit to N20bn in the 9-months to September 30 2016, from N26bn it made in the previous year. It blamed the decline on skyrocketing net finance cost of 95% which shaved N10bn off the company’s operating profit compared to the N5.2bn it spent on finance cost in 2015.

Coke suffers third Quarter profit decline on foreign currency related headwinds

Atlanta-based Coca-Cola on Wednesday reported a 7% drop in revenue for the third quarter ending September 30, 2016 to $10.63bn from $11.4bn in the previous year, impacted by a foreign currency exchange headwind of 2% and headwinds from acquisitions, divestitures and structural items of 8%.