Bloomberg News

Dangote Sugar Falls to Three-Week Low as First-Half Profit Drops

September 01, 2011

Sept. 1 (Bloomberg) -- Dangote Sugar Refinery Plc, a Nigerian processor of the sweetener, fell to the lowest level in more than three weeks after reporting a 48 percent drop in first-half profit.

The stock lost 56 kobo, or 5 percent, to 10.74 naira, the weakest since Aug. 9, by the 2:30 p.m. close in Lagos, the commercial capital.

Net income retreated to 3 billion naira ($19 million) from 5.73 billion naira a year earlier, the company said in a statement published on the website of the Nigerian Stock Exchange today.

--Editors: Ana Monteiro, Alastair Reed

To contact the reporter on this story: Vincent Nwanma in Lagos at vnwanma@bloomberg.net.

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net.


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