International Breweries PLC (Interbrew), a brewery based in Osun state and under the management of SAB Miller has reported that it recorded a net loss of NGN1,6 billion for the second quarter the year.
When compared to NGN420 million, its second quarter for last year, the Interbrew’s net profit fell by at least 281% year.
Gross revenue for the period rose by 32% to NGN6,8 billion compared to last year when the company recorded NGN5,2 billion. Cost of sales for the period also increased to NGN3,4 billion compared to last year when the company spent NGN2,7 billion.
The company’s administrative expenses rose to NGN1,3 billion compared to NGN1,2 billion spent on the same time last year.
The major hole in the company’s books its finance cost which perhaps is as a result of Naira revaluation on its local and foreign currency borrowings. Finance costs rose by 673% to NGN2,8 billion compared to NGN362 million for last year.
Interbrew will have to source for more short term financing as its current assets for the quarter was NGN7.7 billion compared to its current liabilities of NGN11,2 billion.
The company’s shareholders will be having a loss per share of NGN50 versus gain per share of NGN13 per last year.
Interbrew has a Technical Services Agreement with Brauhaase International Management GMBH, a subsidiary of Warsteiner Group of Germany, which owned 72.03% equity. The company was under the management of BGI Castel before the arrival of SAB Miller.
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