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Flour Mills of Nigeria swings to loss in fiscal Q3

Flour Mills of Nigeria PLC said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, amounted to a loss of 61 kobo per share, compared with 6.39 nairas per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 1.60 billion nairas, compared with income of 622.8 million nairas in the prior-year period.

The normalized profit margin fell to negative 2.0% from 0.9% in the year-earlier period.

Total revenue increased 9.0% year over year to 78.74 billion nairas from 72.20 billion nairas, and total operating expenses increased 12.3% from the prior-year period to 76.92 billion nairas from 68.48 billion nairas.

Reported net income came to a loss of 1.41 billion nairas, or a loss of 54 kobo per share, compared to income of 87.7 million nairas, or 90 kobo per share, in the year-earlier period.

As of Feb. 2, US$1 was equivalent to 190.05 nairas.