FMN Group posts N82.3b revenue, N972m profit in three months
Specifically, the group’s performance for the three months showed a two per cent slide in revenue from N83.9 billion to N82.3 billion while profit after tax dropped to N972 million, which represents 65per cent decrease from N2.8 billion achieved in the corresponding period in 2014.
The holding company’s revenue was marginally down by 0.4 per cent from N61.8 billion to N61.5billion. Group profit after tax fell from N2.2 billion to N649 million.
The Group Managing Director of the company, Paul Gbededo attributed the result to the daunting challenges posed by strong macro-economic headwinds which include foreign exchange volatility and declining value of the Naira, leading to a rise in the cost of imported raw materials and spare parts; worsening logistics/traffic situation at Apapa which hindered product evacuation and delivery resulting in loss of volume.