Dangote Sugar Refinery PLC said its first-quarter normalized net income amounted to 18 kobo per share, a decline of 40.2% from 30 kobo per share in the prior-year period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 2.14 billion nairas, a decline of 40.2% from 3.58 billion nairas in the year-earlier period.
The normalized profit margin declined to 9.5% from 13.8% in the year-earlier period.
Total revenue decreased 13.0% year over year to 22.52 billion nairas from 25.88 billion nairas, and total operating expenses decreased 5.8% on an annual basis to 19.13 billion nairas from 20.32 billion nairas.
Reported net income decreased 36.4% on an annual basis to 2.41 billion nairas, or 20 kobo per share, from 3.78 billion nairas, or 32 kobo per share.
As of May 4, US$1 was equivalent to 199 nairas.
