Lafarge Africa on Wednesday published its nine months 2014 consolidated results for its Nigerian and South African businesses for the first time with an after tax loss of 378.0% at N129.881 billion compared with the same period in 2013.
Although nine months sales grew modestly by 3% to N159.4 billion, profit before tax (PBT) declined 29% to N38.1 billion mainly because investment income of N572 million came in substantially weaker than the N21.9 billion that the company reported for the nine months 2013.
Analysts said the weak set of results was probably driven by the South African business, Lafarge South Africa Holdings and the winding down of loss-making of Atlas Cement import operation located in the Niger-delta region of Nigeria.
By Ebenezer Ademola
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