Champion Breweries plc, said that net profit for the six months to the end of June 2018 fell by 6.53% to N80.5m from N86m in the same period in 2017.

The Akwa Ibom based brewer blamed the decline on rising cost of selling and distribution expenses, which rose 95% in the period to N347m. The second quarter saw a 127% spike in selling and distribution cost to N226m.

The company noted that its revenue declined marginally in the period by 4% to N1.05bn from N1.2bn.