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Flour Mills profit drops by 39%


Flour Mills of Nigeria Plc has recorded a 39 per cent slide in its profit after tax for the financial year ended March 31, 2009.

Its audited result presented to the Nigerian Stock Exchange last week, showed that the profit closed at N3.89bn, as against N6.36bn recorded in the similar period of 2008.

The NSE Weekly Report for the week ended September 25, 2009, stated that the company‘s turnover however, increased by 28 per cent from N128bn last year, to close at N180bn.

Accordingly, the board of directors of the company has recommended a dividend of 50 kobo per share to shareholders of the company, registered in its books as at September 28, 2009.

In its unaudited results for the half year ended June 30, 2009, Airline Services and Logistics Plc, recorded a turnover of N1.86bn, representing a rise by 3.9 per cent or N7bn compared to N1.79bn recorded in the comparable period of 2008.

On the other hand, its profit after tax and exceptional items decreased by 86 per cent or N172m, from N199m in June 2008, to N27.4m, in the period under consideration.

First Aluminum Nigeria Plc‘s unaudited result for the half- year ended June 30, 2009, showed a turnover of N4.31bn, as against N4.28bn in 2008.

It recorded a loss after tax of N68.24m compared with N13.82m in 2008.

The NSE report stated that two equity prices were adjusted for dividend as recommended by the board of directors. Standard Alliance Insurance Plc was adjusted for a dividend of five kobo per share, while Northern Nigeria Flour Mills Plc was adjusted for a dividend of 40 kobo per share.

In the Over-The-Counter bond market, 198.5 million units, worth N217bn was recorded last week, in 1,567 transactions, in contrast to 321.7 million units, valued at N355bn, exchanged the previous week, in 3,630 deals.

”The most active bond measured by turnover volume was the 4th FGN Bond 2012 Series 2 with a traded volume of 22.1 million units valued at N24.12bn in 221 deals,” the report stated.

Meanwhile, the N18.5bn Imo State Government of Nigeria 15.5 per cent Fixed Rate Bond 2009/2016 Series 1 was admitted into the Daily Official List last Thursday. By this action, the number if listed state government bonds and securities increased to seven and 294 respectively.


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