Cadbury PLC has just released its half year unaudited result for 2016 showing the company has regained profitability with N147million net profit for the period.
This is coming on the heels of its disappointing half year of 2015 result that showed a net loss of N250million.
Showing the signs of Nigeria’s ailing economy and inflated food prices, the company’s gross sales fell N13.9billion compared to the first half of last year when it reported N14.1billion. However, cost of sales was cut down to N9,8 billion.
Last year with a net loss, the company spent N10 billion within the same quarter under review.
Nestle PLC, Cadbury’s arch-rival in chocolate beverage category, is expected to post its Q2 profit soon. In its Q1 2016 result, the company’s gross sales rose to NGN 36 billion from N27billion the company declared in the same quarter last year.
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