Bloomberg News

Cadbury Nigeria Forecasts 60% Rise in First-Quarter Profit

December 06, 2011

(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

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.


Tim Cook's Reboot
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus