WorldStage Newsonline– Lafarge Africa has reported a profit before tax (PBT) loss of –N35.1 billion in fourth quarter (Q4) 2017 from PBT of N17.5 billion in Q4 2016, driven by a negative gross margin of -9.5% and a spike in opex
Excluding sales which grew by 29%, the results were weak across the P&L.
The weak earnings were mainly driven by a negative gross margin of -9.5% in Q4 against.38.4% Q4 2016 and a 63% spike in opex.
The notes to the accounts show that that company took an impairment loss of N19.2 billion on fixed assets in 2017.
On a full year basis, sales grew by 36%, but the pre-tax loss of -N34.0bn was worse than the loss of –N22.8bn reported in 2016.
Lafarge also reported an after-tax loss of –N16.2bn in 2017 compared with a N18.3bn profit in 2016.
Lafarge stock is currently trading at N41 on the Nigerian Stock Exchange, down by 3.2% from the closing price on Friday.
