By Modupe Gbadeyanka
The unfavourable market fundamentals that affected the Nigerian economy in 2016 took its toll on Livestock Feeds Plc, a subsidiary of Pfizer, despite being under the sector that has given hope to the economy presently finding its way out of recession.
During the year, the Naira devaluation and the scarcity of Dollar at the foreign exchange market in the country contributed to the N35.6 million loss recorded by the firm.
In its audited financial statements, Livestock Feeds Plc disclosed that its profit after tax suffered 19 percent loss, N152.3 million in 2016 versus N187.9 million in 2015.
However, the company’s gross profit for the year under review improved slightly from N891.7 million in 2015 to N973 million a year after.
The company, during the period under review, declared a profit before tax of N224 million in contrast to N300.1 million it posted a year before.
Also, its net finance expense stood at N449.1 million in 2016 compared with N476.6 million it declared in 2015.
Business Post gathered that as at December 31, 2016, the total equity and liabilities of Livestock Feeds Plc stood at N7.4 billion in contrast to N4.6 billion a year before.
