The cement manufacturing giant’s results showed net sales decline by 25 percent to N161 from N215 billion in 2015 while cost of sales declined marginally to N142.9 billion from N143.3 billion as selling and marketing expenses grew 18 percent to N3.9 billion from N3.3 billion.
However, Admin Expenses was trimmed by 14 percent to N16.3 billion from N19.1 billion expended one year ago. The group further cut finance expenses by 5 percent to N8.2 billion from N8.6 billion, but income before tax fell from N36.5 billion to a loss before tax of N40.4 billion following a 79 percent reduction in investment and finance income of N797 million in 2016.
CEO of Lafarge Africa,Michel Puchercos, who commented on the group’s performance,said: “Our focus on volume and prices started to deliver during the 3rd Quarter. In September, all our plants were running at record performance level, Mfamosing Line 2 started its operation on August 28th (clinker) and prices increased by 650N/bag in September representing above 40 percent price change.
He said inspite of the recessionary economic environment and market uncertainties, the company is positioned to deliver improved performance going forward.
