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Flour Mills records 96% growth in PAT

….National Salt’s turnover appreciates by 14%

By Michael Eboh

Flour Mills Nigeria Plc has announced a significant improvement in its second quarter financial performance for 2009, with a profit after tax of N4.89 billion.

According to its half year financial statement presented to the Nigerian Stock Exchange (NSE), Monday, the company’ turnover grew by 0.9 per cent from N80.87 billion recorded in the comparable period of 2008 to N81.6 billion in 2009.

It posted a profit before tax of N6.98 billion, representing an appreciation of 96.62 per cent from N3.55 billion recorded in 2008, while its profit after tax rose by 96.39 per cent, from N2.49 billion in 2008 to N4.89 billion in the period under review.

Its fixed assets appreciated by 11.4 per cent from N22.13 billion in 2008 to N24.73 billion in 2009, its short term borrowings dropped to N23.86 billion from N30.86 billion in 2008, working capital dropped by 70.5 per cent to N1.23 billion from N4.17 billion in similar period in 2008, while its net assets rose by 21.34 per cent to N27.75 billion from N22.87 billion in 2008.

National Salt Company Plc, in its third quarter results for the period ended, September 30, 2009, posted a turnover of N6.5 billion, rising by 14.04 per cent from N5.7 billion recorded in similar period in 2008.

It recorded a profit before tax of N2 billion compared to N1.35 billion in 2008 and a profit after tax of N1.36 billion as against N1.08 billion in similar period of 2008.

Its fixed assets rose by 40.21 per cent from N1.94 billion in 2008 to N2.72 billion in the period under review, its short term borrowing dropped to N5.24 million from N29.36 million in 2008, its working capital appreciated by 25.1 per cent from N2.43 billion in 2008 to N3.04 billion in the period under review,  while its net assets climbed to N5.25 billion from N3.89 billion in 2009.

Nigerian Bottling Company Plc recorded a 14.64 per cent growth in its turnover for the period ended, September 30, 2009, third quarter financial statements released to the NSE.

Its turnover rose from N56.47 billion in the comparable period of 2008 to N64.74 in 2009, while its profit before tax appreciated by 106.77 per cent, from N1.33 billion in 2008 to N2.75 billion.

Its profit after tax grew and extraordinary items appreciated by 136.14 per cent, from N974 million in third quarter 2008 to N2.3 billion in 2009.

It recorded fixed assets of N40.67 billion compared to N35.48 billion in similar period of 2008, its short term borrowings stood at N13.81 billion from N8.47 billion in 2008, it recorded a negative working capital of N 10.87 billion compared to N9.44 billion in 2008, while its net assets stood at N24.2 billion compared to N21.86 billion in 2008.

Also, BankPHB Plc recorded a 145 per cent increase in its gross earnings for the 15 months ended, September 30, 2009, financial results.

According to the results released to the NSE, the bank’s gross earnings rose from N87.23 billion in similar period of 2008 to N214.4 billion in 2009.

It posted an exceptional item of N80.73 billion, loss before tax and after exceptional items of N438.65 billion compared to a profit before tax of N25.97 billion in 2008 and a loss after tax of N387.78 billion compared to a profit after tax of N19.58 billion in 2008


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