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Nestlé Nigeria Q1 profit falls YOY

Nestlé Nigeria PLC said its first-quarter normalized net income was 2.18 billion nairas, a decrease of 50.7% from 4.42 billion nairas in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to 7.9% from 13.2% in the year-earlier period.

Total revenue declined 17.6% year over year to 27.56 billion nairas from 33.43 billion nairas, and total operating expenses decreased 14.7% on an annual basis to 21.91 billion nairas from 25.70 billion nairas.

Reported net income came to 2.95 billion nairas, compared with 6.00 billion nairas in the prior-year period.

As of June 8, US$1 was equivalent to 198.85 nairas.