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Guinness Nigeria fiscal Q2 profit falls YOY

Guinness Nigeria PLC said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, came to 1.12 nairas per share, a decrease of 40.7% from 1.89 nairas per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.68 billion nairas, a decrease of 40.7% from 2.84 billion nairas in the prior-year period.

The normalized profit margin declined to 4.9% from 9.4% in the year-earlier period.

Total revenue rose 12.8% year over year to 34.22 billion nairas from 30.35 billion nairas, and total operating expenses rose 21.4% from the prior-year period to 30.14 billion nairas from 24.83 billion nairas.

Reported net income fell 41.2% on an annual basis to 1.91 billion nairas, or 1.27 nairas per share, from 3.25 billion nairas, or 2.16 nairas per share.

As of Jan. 30, US$1 was equivalent to 188.70 nairas.