Cadbury PLC, a beverage and confectionery company quoted on the NSE said it recorded a net loss of NGN1.0 billion for the third quarter of 2016.
This is a more negative bottom line considering the fact that Cadbury posted a net loss of NGN842 million within the same quarter last year.
Gross revenue fell by 65.2% to NGN7,1 billion compared to NGN21,4 billion declared last year. Cadbury is not finding the economic crunch and its systemic challenges funny.
Cadbury must have doubled or tripled down on its production capacity as its cost of sales has crashed from NGN16,8 billion to NGN6,9 billion.
Unknowing to many industry watchers, Cadbury must have laid off more jobs than many of its pairs in the consumer goods category. This is because administrative expenses has been cut down to NGN152 million this year. Last year the company expended NGN1,2 billion.
Cadbury did not provide additional information on whether it is still cutting more jobs.
Distribution expenses has also reduced to NGN1,3 billion for this year from NGN4,2 billion expended last year.
Cadbury’s continued quarters of losses means the company has to change its direction to deliver value to its shareholders. Nestle PLC, its primary competition is yet to release its Q3 result.
Cadbury Nigeria Plc is owned 74.97% by Cadbury Schweppes Overseas Limited .