Champion Breweries PLC said its third-quarter normalized net income was 17.1 million nairas, a decrease of 34.6% from 26.1 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 2.1% from 3.9% in the year-earlier period.
Total revenue climbed 23.2% year over year to 831.2 million nairas from 674.5 million nairas, and total operating expenses increased 26.0% from the prior-year period to 815.7 million nairas from 647.2 million nairas.
Reported net income decreased 38.1% on an annual basis to 18.1 million nairas, or 0 kobo per share, from 29.2 million nairas, or 0 kobo per share.
As of Nov. 1, US$1 was equivalent to 315.25 nairas.