Bloomberg News

Nestle Nigeria 9-Month Profit Little Changed From Last Year

October 25, 2011

(Updates with closing price in third paragraph.)

Oct. 25 (Bloomberg) -- Nestle Foods Nigeria Plc, the country’s biggest food company by market value, said nine-month profit through September was little changed at 9.14 billion naira ($59 million) compared with 9.11 billion naira the year earlier.

Revenue rose 24 percent to 70.9 billion naira from 57.3 billion naira, the Lagos-based company, a unit of Nestle SA, the world’s biggest food company, said today in a statement published on the website of the Nigerian Stock Exchange.

Nestle shares were unchanged at 401 naira by the 2:30 p.m. close in Lagos. The stock has gained 31 percent this year, compared with an 18 percent decline in the Nigerian Stock Exchange All-Share Index over the same period.

--Editors: Dulue Mbachu, Ana Monteiro.

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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