Daily Archives: August 1, 2017

First Quarter profit fall at International Breweries as input costs rise

International Breweries Plc reported a profit decline of 18% for the first quarter of 2017/2018 financial year despite seeing a record 37% surge in sales to N9.4bn ($26m), from N6.9bn ($19.1m). The company which makes Trophy Lager and Betamalt said that profit fell to N1.4bn ($3.8m), from N1.7bn ($4.7m) in 2016.

Seven-Up losses pile up as finance charges skyrocket

Seven-Up Bottling Company Plc (“SBC”), the bottler of PepsiCo brands of soft drinks in the country, on Friday reported a net loss of N2.5bn for the first quarter of its 2017/2018 financial year (Apr – Jun) despite recording nearly 20% sales growth of N31bn from N27bn in the previous year. The loss adds to the company’s woes which had reported a N10.7bn loss in June for the 2016/2017 financial year.

The company cited skyrocketing net finance cost as the reason for the first quarter loss. Finance charges rose a record 85% to N1.8bn, from N961m in the same period a year ago.