Chellarams Plc, said on Friday that revenue for its combined packaged dairy business known as FMCG and its bulk milk ingredients business fell 44.5% to N4.5bn for the full-year ended 31 March, down from N8.1bn in the previous year.

The FMCG business alone which includes packaged Oldenburger, Regal and Real milk brands, as well as its Real Active malted food drink declined 39% to N3.8bn.  The firm recorded N6.3bn in sales in 2016.