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Vitafoam Nigeria swings to profit in fiscal Q4

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Vitafoam Nigeria swings to profit in fiscal Q4

Vitafoam Nigeria PLC said its normalized net income for the fiscal fourth quarter ended Sept. 30, 2016, amounted to 2.3 million nairas, compared with a loss of 132.5 million 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 increased to 4.4% from negative 4.4% in the year-earlier period.

Total revenue decreased 14.4% on an annual basis to 2.58 billion nairas from 3.01 billion nairas, and total operating expenses decreased 23.8% from the prior-year period to 2.41 billion nairas from 3.16 billion nairas.

Reported net income totaled 60.4 million nairas, or 6 kobo per share, compared to a loss of 323.8 million nairas, or a loss of 29 kobo per share, in the prior-year period.

For the year, the company's normalized net income totaled 3 kobo per share, a decline of 79.4% from 15 kobo per share in the prior year.

Normalized net income was 30.9 million nairas, a fall of 78.7% from 145.5 million nairas in the prior year.

Full-year total revenue declined 19.5% from the prior-year period to 13.57 billion nairas from 16.85 billion nairas, and total operating expenses fell 20.1% year over year to 12.72 billion nairas from 15.93 billion nairas.

The company said reported net income came to a loss of 39.3 million nairas, or a loss of 4 kobo per share, in the full year, compared with a loss of 36.7 million nairas, or a loss of 4 kobo per share, the prior year.

As of Jan. 3, US$1 was equivalent to 314.25 nairas.