Chellarams Plc, the diversified conglomerate with significant interest in the dairy sector as well as in industrial chemicals and machinery reported a net loss of ₦2.8bn for the full year ending on 31st March 2019.

The maker of Oldenburger, Regal and Real milk brands said that rising costs of sales hurt margins leading to a net loss. Despite a 28% rise in sales to ₦11.2bn, cost of sales skyrocketed by 55% to ₦10.7bn from ₦6.9bn in the previous year leading to a Gross Profit decline of 71% to ₦527m.