{"id":8056,"date":"2016-08-06T14:44:11","date_gmt":"2016-08-06T13:44:11","guid":{"rendered":"http:\/\/nationalwire.com.ng\/?p=8056"},"modified":"2016-08-06T14:44:11","modified_gmt":"2016-08-06T13:44:11","slug":"nestles-361-increase-in-finance-costs-dips-profit","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/nestles-361-increase-in-finance-costs-dips-profit\/","title":{"rendered":"Nestl\u00e9\u2019s 361% increase in finance costs dips profit"},"content":{"rendered":"

FRIDAY EKEOBA<\/p>\n

Nestl\u00e9 Nigeria Plc has announced draw-down in its operations for the\u00a0half year period ended June 30 , 2016, as finance costs rose by 361\u00a0per cent to impact negatively on profitability.<\/p>\n

According to the multinational company finance costs rose by 361 per\u00a0cent to N14.89 billion in half year ended July 30, 2016 from N3.2billion in half year ended July 30, 2015.<\/p>\n

The Fast-moving Consumer Goods (FMCG) company said naira devaluation\u00a0brought down its profit by 92 per cent from N10.6 billion to N896\u00a0million in half year ended July 30, 2016.<\/p>\n

Although, revenue rose by 22 per cent from N65.9 billion in June 30,\u00a02015 to N80 billion in June 30, 2016 while cost of sales up by 28 per\u00a0cent to N47.7 billion as against N37.25 billion recorded in half year\u00a0ended July 30, 2015.<\/p>

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Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

Company Secretary\/Legal Adviser, Nestl\u00e9 Nigeria Plc, Mr.\u00a0 Bode Ayeku,\u00a0said, \u201cWe are pleased that our revenue increased by 22 per cent in the\u00a0first half of 2016 despite the tough economic environment.<\/p>\n

\u201cIn both the first and second quarters of 2016, our revenue grew by\u00a0double digits, thereby confirming the great value that our brands\u00a0provide consumers. The increase in the cost of sales was mainly due to\u00a0higher material costs resulting from currency devaluation.<\/p>\n

\u201cOperating profit for the period has increased by 10 per cent despite\u00a0pressure on input costs. Net profit has been negatively impacted by\u00a0the revaluation of the foreign loans due to Naira devaluation.<\/p>\n

The Board and Management will continue to implement necessary measures\u00a0and cost saving initiatives to address the macroeconomic challenges\u00a0and remain fully committed to the long term potential of the business\u00a0in Nigeria,\u2019\u2019 he stated.<\/p>\n","protected":false},"excerpt":{"rendered":"

FRIDAY EKEOBA Nestl\u00e9 Nigeria Plc has announced draw-down in its operations for the\u00a0half year period ended June 30 , 2016, as finance costs rose by 361\u00a0per cent to impact negatively on profitability. According to the multinational company finance costs rose by 361 per\u00a0cent to N14.89 billion in half year ended July 30, 2016 from N3.2billion …<\/p>\n","protected":false},"author":11,"featured_media":8054,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23],"tags":[672],"coauthors":[2392,2393],"class_list":["post-8056","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","tag-nestle"],"yoast_head":"\nNestl\u00e9\u2019s 361% increase in finance costs dips profit - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/nestles-361-increase-in-finance-costs-dips-profit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nestl\u00e9\u2019s 361% increase in finance costs dips profit - National Wire\" \/>\n<meta property=\"og:description\" content=\"FRIDAY EKEOBA Nestl\u00e9 Nigeria Plc has announced draw-down in its operations for the\u00a0half year period ended June 30 , 2016, as finance costs rose by 361\u00a0per cent to impact negatively on profitability. 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