Thursday, April 30, 2015 1:02 pm
Nigeria’s construction giant, Julius Berger Nigeria said on Thursday its first quarter pretax profit fell by 18.5 percent to 2.11 billion naira ($11 million) from a year ago.
Revenue also dropped to 43.48 billion naira in the period to end-March against 47.69 billion naira a year ago, the company said in a statement, adding that marketing costs rose to 20.49 million from 8.91 million, contributing to the fall in earnings.
Conglomerate, Transnational Corporation Nigeria has also reported a decline in first quarter pretax profit. It fell by 31.6 percent to 2.57 billion naira ($13 million), from a year ago.
Revenue also fell to 9.99 billion naira in the period to end-March against 10.53 billion naira a year ago, the company said without giving any reason for drop in earnings.
It was the same profit blues for fuel marketer Mobil Nigeria.
Its first quarter pretax profit fell by 56.5 percent to 2.06 billion naira ($10 million) compared with the same period a year ago.
Revenue also fell to 16.49 billion naira in the period to end-March against 22.41 billion naira, it said in a statement.
Mobil Nigeria also said its first quarter earnings in 2014 were boosted by an asset sale worth 2.85 billion naira, an amount that was absent this year.