By Modupe Gbadeyanka
Manufacturer of confectionery and food drinks, Cadbury Nigeria Plc, has released its unaudited financial statements for the first half of this year, recording a loss of N423.8 million during the period against the N766.4 million loss it posted in the same period of last year.
In the company’s financial scorecard released today, Cadbury Nigeria however reported a growth in its revenue, which went up by 8 percent to N17.6 billion from N16.3 billion in H1 2017.
Also, the finance income appreciated by 10.7 percent to N73.1 million from N66 million, while the firm recorded a 33.8 percent increase in its other income to N25.4 million from N19 million.
However, the gross profit went down to N2.8 billion in H1 2018 from N3 billion in H1 2017, while the costs of sales rose to N14.7 billion in the first six months of this year from N13.2 billion in the first six months of last year.
Cadbury Nigeria stated in the results that it reduced its selling and distribution expenses by 18 percent this time to N2.2 billion from N2.7 billion, while the administrative expenses were also trimmed to N771.1 million from N1.1 billion.
Business Post reports that while the total assets of Cadbury Nigeria closed at N26.8 billion as at June 30, 2018, against N31 billion as at June 30, 2017, the total liabilities reduced to N15.5 billion from N20.4 billion, with the shareholders fund growing to N11.3 billion from N10.5 billion.
Adedapo Adesanya