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International Breweries fiscal Q3 profit falls YOY

International Breweries PLC said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, came to 154.0 million nairas, a decline of 79.7% from 760.4 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 declined to 2.9% from 15.5% in the year-earlier period.

Total revenue increased 6.6% on an annual basis to 5.24 billion nairas from 4.92 billion nairas, and total operating expenses declined from the prior-year period to 4.13 billion nairas from 4.27 billion nairas.

Reported net income fell 89.3% from the prior-year period to 88.9 million nairas, or 3 kobo per share, from 828.1 million nairas.

As of Feb. 6, US$1 was equivalent to 193.90 nairas.