Flour Mills posts N4.3b loss

For its fourth quarter (Q4), Flour Mills Nigeria Plc has posted  profit before tax of N4.3billion.
 In a report to the Nigeria Stock Exchange (NSE), the company said: “the pre-tax loss was mainly driven by a combination of factors including a 58 per cent year-on-year spike in other (non-operating) losses, a 49 per cent year-on-year rise in interest expense to –N5.0billion and to a lesser extent a 359bp contraction in gross margin to 12.6 per cent”.
According to the company, the drop in perdormance has “completely offset a 22 per cent year-on-year growth in sales to N78.9 billion”.