Beta Glass Plc released its 2015 Second Quarter results reporting a pre-tax profit of N808 million and N1 billion for the first half of the year.
|2015 Q2||2015 Q1||%age Change|
|Beta Glass Plc||N’m||N’m|
|Cost of sales||(2,792.00)||(3,201.10)||-13%|
|Foreign Exchange Gain||–||–||#DIV/0!|
|Net Finance Income/(Cost)||518.00||153.00||239%|
|Profit Before Tax||808.01||594.09||36%|
|Profit after Tax||579.41||425.69||36%|
|Tax as a %age of PBT||0.28||0.28|
|Debt to Equity Ratio||–||–||#DIV/0!|
|Gross Profit Margin||21%||21%||2%|
|Operating Profit Margin||7%||9%||-24%|
|SGA as a %age of Gross Profit||66%||55%||21%|
|Interest Cost as a percentage of Operating Profit||-202%||-40%||406%|
- Beta Glass Plc reported its revenue drop 12% QoQ. This is inline with our expectation as the core market which the company caters for is experiencing a major decline in demand.
- Beta Glass produces bottles for bottling companies and will likely make fewer bottles than it could due to weaker demand
- Beta Glass however booked higher finance income of N518 million 239% higher than the N153 million it reported in the first quarter.
- This helped boost profits, pushing it to N808m (Q1: N594 million)
- Frigoglass the majority shareholder of Beta Glass Nigeria Ltd had earlier in May agreed to sell its stake in Beta Glass Nigeria as well as its Glass making business in Dubai to aluminum can producer GZ Industries for $225 million.
Last Share Price (as at Blog time) : N43