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    Flour Mills records 40.3% profit decline in Q2

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    Babatunde Akinsolahttps://naija247news.com
    Babatunde Akinsola is aNaija247news' Southwest editor. He's based in Lagos and writes on the Yoruba Nation political issues, news and investigative reports

    Flour Mills of NigeriasThe Nigerian Stock Exchange (NSE) today published Flour Mills of Nigeria’s (FMN) Q2 2014 (end-September) results which showed that profit after tax (PAT) declined 40.3 per cent  to N2.1 billion as against Q2 2013, while profit before tx (PBT) declined by 49.9 per cent.

    Although sales of N67.0 billion were flattish, a combination of factors, including a gross margin contraction of 87bps to 11.1 per cent and an 85.2 per cent spike in opex to N3.4 billion resulted in PBT decline.

    A lower tax rate of 16.6 per cent against the 29.6 per cent effective rate in the prior year and a 50 per cent reduction in the share of profit to minorities interest holders explains why the decline of 40.3 per cent in PAT was slightly less pronounced.

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