Cadbury Nigeria Plc reported a decline of 98 per cent in its profit for the nine months ended September 30, 2015.
According to the results, Cadbury posted a revenue of N21 billion in 2015, down by 10 per cent compared to the N23.3 billion in the corresponding period of 2014. Cost of sales was flat at N14.6 billion, while sales, marketing distribution/administrative and other expenses remained at N6.4 billion.
Other income fell by 63 per cent from N254 million to N93.4 million, while finance income dipped same margin from N308.537 million to N114.2 million. Consequently, profit before tax plunged by 98 per cent from N2.4 billion to N40.789 million.
Although taxation was reduced by 98 per cent, profit after tax stood at N28.553 million, showing a decline of 98 per cent as against N1.652 billion recorded in 2014.
Cadbury has been experiencing dwindling fortunes due to the challenging operating business environment.
However, the company had assured shareholders that they would focus on four key strategic initiatives to realize their growth ambitions this year, after taking major hits in sales and profit in 2014.