Seven-Up Bottling Company, the archrival to the Nigerian Bottling Company, owners of Pepsi and 7Up, said its net profit for the first quarter of 2016 fell by 53%.
In the newly released result, the company’s gross revenue rose to NGN85 billion from NGN82 billion the company made in the same quarter last year.
However, the spiralling cost of running business and competitive pressure shrinked 7Up’s PBT to NGN3 billion NGN8.7 billion it recorded same quarter last year, representing a 57% fall year on year
The net profit for the quarter is stood at NGN3,3 billion NGN7,1 billion. In the report, the company said it spent 3,3 billion on advertising and promotions within the quarter. This is an increase from NGN3,1 billion the company spent within the same quarter last year.
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