Cadbury Nigeria at the weekend announced its results for the nine months ended September 30, 2009.
The unaudited results showed a turnover of N18.94bn and gross profit of N5.25bn a 7.9per cent growth on turnover and a 63 per cent improvement on gross profit against the corresponding period in 2008.
The company also reported a return to operating profit with N959m made in the nine months, against a loss figure last year, in addition to a loss before tax of N1.27bn, indicating a 28 per cent improvement when measured against a loss before tax position of N1.79bn in 2008.
In a statement confirming the filing of results to the regulatory authorities, Cadbury Nigeria‘s Corporate Affairs Manager, Mr. Kufre Ekanem said, ”In addition to our consistent growth in turnover, gross profits and market share, we are proud to report the return of Cadbury Nigeria to underlying operating profits. Also, the loss before tax position was caused by the high level of interest charges.”
According to Ekanem, ”The application list for the Cadbury Nigeria rights issue closed recently and we are optimistic of the outcome of the ongoing process. We hope to minimise the interest burden on the company by liquidating the bank borrowings once we receive the net proceeds from our rights issue.”