Seven-Up records 11.4 per cent drop in third quarter profit

Seven Up Bottling Company has recorded a drop of 11.4 per cent in its profit after tax for its third quarter ended Dec. 31, 2011. In its un-audited third quarter result submitted to the Nigerian Stock Exchange (NSE), the company posted a profit after tax of N1.94 billion during the period against the N2.19 billion recorded in corresponding period in 2010. Its profit before tax stood at N2.47 billion during the period, compared with N2.77 billion posted in same period in 2010, a drop by 10.8 per cent.
The result also indicated that turnover for the period under review rose by 19.2 per cent to N43.22 billion against the N36.27 billion recorded in the same period in the previous year. Fixed assets stood at N25.07 billion compared with N23.33 billion posted in 2010, representing an increase of 7.5 per cent. Also, the company’s net assets increased to N9.24 billion from N8.56 billion declared for the same period in 2010. The company projected a turnover of N17.88 billion for its first quarter ending June 30, 2012. Similarly, the company projected a profit before tax of N1.43 billion and a profit after tax of N1.09 billion in its first quarter in 2012.