BY MICHAEL EBOH

HONEYWELL Flour Mills Plc has announced a 1.85 per cent increase in its profit after tax for its half year 2011 financial performance.

The company, according to its half year unaudited account for the period ended, September 30, 2011, presented to the Nigerian Stock Exchange, NSE, recorded profit after of N941.322 million, up from N924.225 million recorded in the corresponding period in 2011.

The improvement in its after tax profit was in spite of a 22.75 per cent decline in its pre-tax profit, from N1.679 billion in half year 2010 to N1.297 billion in half year 2011. Honeywell Flour’s turnover appreciated slightly by 2.51 per cent to N18.686 billion from N18.228 billion recorded in similar period in 2010, it recorded cost of sales of N15.692 billion from N14.330 billion in 2010 and other income of N106.478 million compared to N32.559 million in 2010.

The company’s fixed asset grew by 24.44 per cent to N15.644 billion down from N12.572 billion in half year 2010 while its net assets stood at N15.041 billion, dropping by 0.59 per cent from N15.041 billion in 2010.

Also Adswitch Plc, in its first quarter unaudited results for the period ended, September 30, 2011, recorded a loss after tax of N5.413 million, up from a loss after tax of N9.768 million in the corresponding period in 2010.

The company recorded a turnover of N3.986 million, dropping by 9.06 per cent from N4.383 million recorded in 2010 and loss before tax of N5.413 million, from a loss before tax of N9.768 million.

The electrical products manufacturer’s fixed assets dipped by 1.57 per cent to N25.88 million, from N26.292 million in 2010, while it recorded net assets of N25.001 million, dropping by 1.65 per cent from N25.421 million in 2010.

Meanwhile, Afromedia Plc has announced the resignation of one of its directors, Mr. Henry Sementari.

According to a statement by the company to the Nigerian Stock Exchange, NSE, Sementari resignation, which became effective, November 1, 2011, was as a result of his decision to pursue other personal endeavours. Neimeth International Pharmaceuticals Plc, also informed the investing community of the retirement of some of its key directors.

The Directors, according to the statement presented to the NSE, include: Mr. Samuel Ohuabunwa, Mr. Dominic Anochie, Mr. Emmanuel Adefemi and Mr. Zak Momodu.

The company also announced the appointment of Mr. Emmanuel Ekunno as its Acting Chief Executive Officer.

Ekunno, according to the company, graduated from University of Ife, Ile-Ife, Osun State in 1979, where he read and obtained a Degree in Pharmacy.

“He has an advanced Certificate in Management. He started his working carrier with Pfizer Product Ltd. in 1981and has occupied senior management positions in different departments in the company.

“In 1997 when Pfizer Products metamorphose into Neimeth International Pharmaceutical, Ekunno became the Senior Vice President (Sales, Marketing and Business Development) and thereafter became the Executive Vice President (Sales, Marketing and Business Development) a position he held until his appointment as Acting Managing Director/CEO of the company,” the company said.