Cadbury Nigeria has today announced the filing of its Half Year results for 2009. For the six months ending June 30, 2009, the unaudited results show a Turnover of N11.92b and Underlying operating profits of N396m.
This indicates a 4% growth on turnover and a 227% improvement on operating profit against the corresponding period in 2008. The Company also reported a Loss Before Tax of N1.2b for the same period due to high level of interest charges on historical debts carried by the company.
In a statement to announce the filing, the Company spokesman, Mr. Kufre Ekanem said: “the Directors are pleased with the half-year operating performance. We have grown the top line in turnover and operating profits. However, our bottom line performance has been held down by high interest charges since the borrowing position of the company has remained unchanged.”
According to Ekanem, “we have recently made application to the regulatory bodies to embark upon a Rights Issue that will address the high level of interest payments and our Directors are optimistic of the outcome of this process.”
Kufre U. Ekanem
Corporate Affairs Manager