Nestle, UAC, MRS declare fall in profit

Three Nigerian companies – UAC Nigeria, Nestle Nigeria and MRS Oil – declared a fall in profit in their first quarter ended March 2015 to the Nigerian Stock Exchange (NSE).

UAC Nigeria’s first-quarter pretax profit fell 12 per cent to N2.29 billion ($11.5 million) from a year ago, it said on Monday.

It declared that its revenue fell to N17.72 naira during the three months period to end-March, as against N19.88 billion the previous year.

Nestle Nigeria’s first-quarter pretax profit fell 50.7 per cent to N3.48 billion ($17.5 million) from a year ago, the food and beverage maker said.

It further declared that its revenue fell to N27.55 billion for the three months to end-March from N33.42 billion a year earlier.

Nigeria’s MRS Oil fell to a first-quarter pretax loss of N734.5 million ($3.7 million) after posting a profit of N321.1 million a year earlier, it said.

Turnover fell 12 per cent to 21.3 billion naira in the three months to end-March, the company said in a statement with the NSE.

($1 = 198.9500 naira)