7-UP Posts N2.45bn Q1 Loss, e-Tranzact Profit Dips

• 7-UP Posts N2.45bn Q1 Loss, e-Tranzact Profit Dips

7-UP Bottling Company Plc has reported a loss of N2.45bn for the first quarter of 2017.

This represents a decline in the company’s business compared to the corresponding period of 2016 when it posted a profit of N1.265bn.

Also, 7-UP reported an operating loss for the year of N2.45bn as against operating profit of N775.558m reported for the year 2016 in the first quarter.

However, its 2017 first quarter revenue stood at N31.8bn, as against N26.6bn in the same period of 2016.

Also, e-Tranzact International Plc’s profit dropped by 57.42 per cent in the first half of 2017.

The company posted a profit before tax of N309.9m for the first six months of the year compared to N727.8m reported in the corresponding period of last year.

Its profit for the year also slid to N210.7m, as against N494.9m reported in 2016. But its revenue rose to N31.8bn, compared to N26.6bn posted last year.

A shortage of dollars, driven by the oil price crash that forced suppliers to buy currencies at the black market premium, drove up the production costs of 7-UP, tipping the company in a loss position in the full-year result released in March this year.

For the year ended March 31, 2017, 7-UP recorded a loss after tax of N10.77bn as against a profit of N3.34bn the previous period.