One of the leading paint manufacturers in Nigeria, Berger Paints Nigeria Plc has announced a 66 percent decline in profits for the first quarter.
Highlights of the paint manufacturing company financial showed that both profit before and after tax declined by 66 percent, Worldstage reports.
While profit after tax slid to N23 million from N70 million recorded in 2015, N35 million was recorded as profit before tax for the period under review compared to N103 million realised for the same period of the previous year.
However, revenue inched higher by 8 percent to N760.1 million from N705.9 million recorded as revenue in the previous year.
Berger Paints was amongst Thursday’s top three losers on the Nigerian Stock Exchange as it dropped 4.98 percent or 40 kobo to close at N7.63 per share.
