By Dipo Olowookere
Cadbury Nigeria Plc has released its audited results for 2016 and from the analysis, the company recorded a pre-tax loss of N563 million compared with N1.6 billion profit in 2015.
However, the firm posted a turnover of N29.979 billion in 2016, showing an increase by 8 percent from N27.825 billion in 2015.
Also, cost of sales went up from N18.9 billion to N23 billion, bringing gross profit to N6.86 billion, compared with N8.9 billion in 2015.
Selling and distributing expenses stood at N5.59 billion, as against N5.6 billion in 2015, while administrative expenses increased to N2.058 billion, from N1.909 billion. Net finance cost stood at N169.98 million, compared with N156.796 million in 2015.
However, a tax credit of N266 million, reduced the loss after tax to N296 million, compared with profit of N1.15 billion. The market reacted negatively to the results as the share price fell by 5.0 per cent to lead price losers at the stock market.
Consequently, shareholders of Cadbury Nigeria Plc are to be without dividend for 2016.
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