Dangote Sugar released 2013 Q1 earnings with revenue remaining nearly flat at N27.6billion. However, gross profit improved to 33% to N6.9billion as cost of sales declined by 5%. Operating profit also rose 35% to N5.4billion as operating expenses was contained relative to rise in Gross profit. Pre-tax profits also grew 45% to N5.9billion at the end of the period. Earnings per share for the quarter rose to 34kobo from 23kobo.
The increase in pre-tax profits was mostly due to reduction in cost of sale (N1.3billion). Their share price dropped 39% to N7.76.
Dangote Sugar 2013 Q1 Earnings was posted on the website of the NSE
DANGOTE SUGAR POST N4BILLION PRE-TAX PROFITS FOR Q1 2013 http://t.co/lTUsvucsvP #UGOMETRICSBLOGWEEKENDRECAP