listed leading cement producer, Ashaka Cement on Friday announced disappointing earnings for the 2015 financial period.
Ashaka Cement, based in Nigeria’s North West town of Ashaka, reports a revenue fall to 17.4 billion Naira in 2015 from 21.1 billion recorded in the same period of 2014.
Net profit was a 1.2 billion fall in the 12 months to December 2015 at 2.7 billion Naira against 4.5 billion Naira a year earlier.
Ashaka Cement said that its pre-tax profit declined from 5.2 billion Naira in 2014 to 3.2 billion in the past financial year.
Industries in Nigeria were faced with severe foreign exchange supply shortages in 2015 including difficulties of power outages, months of petro-products scarcity as well as rising general operating expenses in a year of electoral transition.
Lafarge Earnings
Nigeria’s second largest cement producer, Lafarge Africa has also announced a disappointing profit decline of about seven billion Naira, for the 2015 financial year.
In a statement released to the stock exchange on Thursday, the cement giant reported a net profit of 26.9 billion Naira down from 33.5 billion reported in the 2014 full year period.
Lafarge Africa said that its revenue rose from 260.8 billion naira to 267.2 billion in the 12 months to December 2015.
Headline profit was seen at 29.3 billion Naira in 2015, a near 10 billion Naira fall from 40.4 billion Naira posted in 2014.
Source :Channelstv
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