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.
