International Breweries Posts N12.751bn Loss in Q2 2020

International Breweries reported N12.711 billion loss for the quarter ended June 30, 2020. This was more than the N2.854 billion loss reported for the same quarter of 2019 due to the N9.040 billion loss incurred on other cash flow.

In the unaudited financial results released through the Nigerian Stock Exchange on Friday, the company’s revenue declined from N33.534 billion in the corresponding period of 2019 to N25.266 billion in the second quarter of 2020.

The cost of sales improved with a decline in revenue to N21.899 billion from the N27.793 billion posted in Q2 2019.

Accordingly, the International Breweries gross profit declined from N5.741 billion in Q2 2019 to N3.366 billion in Q2 2020.

The company’s administrative expenses stood at N5.941 billion, better than the N6.212 billion achieved in the same period of 2019.

However, the company posted a loss before tax of N4.288 billion for the period while tax credit of N577.02 million helped reduce the loss to N3.711 billion.

Still, higher than the N2.854 billion loss reported for the corresponding period of 2019.

The company also posted N9.040 billion loss for items that may be subsequently reclassified as profit or loss. Bringing its total loss for the period under review to N12.751 billion.

Total assets depreciated in value to N354.501 billion in the period, down from N365.147 billion posted during the corresponding period of 2019.

International Breweries reduced total liabilities from N357.683 billion to N202.659 billion. While the company’s total equities stood at N354.501 billion, down from N365.147 billion achieved in Q2 2019.