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Nigerian Enamelware fiscal Q4 profit falls YOY


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Nigerian Enamelware fiscal Q4 profit falls YOY

Nigerian Enamelware PLC said its normalized net income for the fiscal fourth quarter ended April 30 came to 18 kobo per share, compared with 19 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 14.0 million nairas, compared with 14.1 million nairas in the prior-year period.

The normalized profit margin declined to 2.0% from 2.1% in the year-earlier period.

Total revenue came to 682.2 million nairas, compared with 677.7 million nairas in the year-earlier period, and total operating expenses decreased on an annual basis to 655.6 million nairas from 664.0 million nairas.

Reported net income declined 79.3% year over year to 6.3 million nairas, or 8 kobo per share, from 30.4 million nairas, or 40 kobo per share.

For the year, the company's normalized net income totaled 1.00 nairas per share, a gain of 9.4% from 92 kobo per share in the prior year.

Normalized net income was 76.3 million nairas, a rise of 9.4% from 69.8 million nairas in the prior year.

Full-year total revenue increased on an annual basis to 2.61 billion nairas from 2.57 billion nairas, and total operating expenses totaled 2.40 billion nairas, compared with 2.39 billion nairas in the year-earlier period.

The company said reported net income declined 14.0% on an annual basis to 74.1 million nairas, or 98 kobo per share, in the full year, from 86.2 million nairas, or 1.13 nairas per share.

As of Aug. 20, US$1 was equivalent to 199.25 nairas.