Daily Archives: November 2, 2017

Seven-Up losses widen in half-year as finance cost bites

November 02, 2017   Editor   No comments

Seven-Up Bottling Company Plc (“SBC”) on Tuesday reported its half-year results for April through September, with the soft drinks maker posting a record loss of ₦6.2bn ($17 million), a 302% increase from last year’s loss of ₦1.6bn ($4.4 million).

The company blames its misfortune on skyrocketing net finance cost which ballooned to ₦3.6bn ($9.9 million) in the six months to the end of September, a 91% increase from last year’s ₦1.9bn ($5.2 million).

Despite the loss, the company posted an impressive 13.5% increase in sales to ₦53.3bn ($146.8 million) for the period.

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Beta Glass nine months profit decline despite sustained revenue growth

November 02, 2017   Editor   No comments

Beta Glass Plc reported a 22.7% decline in profit for the nine months to the end of September. Profit dropped to ₦2.2bn blamed on a host of cost increases. This is despite reporting a revenue growth of 12% in the period to ₦14.9bn from ₦13.3bn in the previous year.

The glass bottle and metal crowns company said that the third quarter was particularly challenging for the firm with a 30% increase in cost of sales to ₦4.9bn from ₦3.8bn in the previous year. Selling and distribution expenses also grew 2,371% in Q3 to ₦26m while administrative expenses capped it off, rising 35% to ₦365m.

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