Flour Mills’ Profit Drops by 61%

• Flour Mills’ Profit Drops by 61%

The profit of Flour Mills Nigeria Plc dropped by over 61 per cent for the nine-month ending December 31, 2016.

The company recorded a profit of N7.4bn for 2016, which was a major decline compared to N19.003bn posted for the same period in 2015.

Its revenue stood at N389.943bn compared to N263.579bn recorded in 2015, according to its filings at the Nigerian Stock Exchange on Tuesday.

Meanwhile, the Nigerian equity market closed lower on Tuesday as the NSE market capitalisation dropped to N8.972tn from N9.020tn.

The NSE All-Share Index shed 0.69 per cent as 205.771 million shares worth N2.762bn were traded in 2,914 deals.

The consumer goods sector was the chief laggard following declines across stocks like Nestle Nigeria Plc, Nigerian Breweries Plc and PZ Cussons Nigeria Plc, which depreciated by 3.07 per cent, 1.55 per cent and 4.98 per cent, respectively.

The banking sector maintained its losing streak as the United Bank for Africa Plc, Zenith Bank Plc and Guaranty Trust Bank Plc’s shares dropped by 4.22 per cent, 1.26 per cent and 1.13 per cent, respectively.