(Updates with stock close in fourth paragraph.)
Dec. 6 (Bloomberg) -- Cadbury Nigeria Plc, a manufacturer of drinks and food products, forecast a 60 percent increase in net income to 339.2 million naira ($2 million) for the first quarter.
Pretax profit is seen at 470.5 million naira for the period while revenue is estimated at 8.73 billion naira, the Lagos- based company said in a statement published on the website of the Nigerian Stock Exchange today.
Cadbury Nigeria returned to profit in 2010, after a loss in the preceding year. Growth expectations are based on its addition of another plant and improved sales, the company said.
The company’s shares were unchanged at 11.05 naira by the 2:30 p.m. close in Lagos. The stock has lost 57 percent of its value this year, compared with a 21 percent decline in the Nigerian Stock Exchange All-Share Index.
--Editors: Dulue Mbachu, Vernon Wessels
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