May & Baker Falls to 3-Month Low on Profit Outlook: Lagos Mover

May & Baker of Nigeria Plc, the nation’s second-biggest maker of pharmaceuticals by market value, fell to the lowest in three months on speculation its profit may decline further.

The stock fell for a fourth day, losing 5 percent, the daily limit, to 1.33 naira at the close in Lagos, the commercial capital. That’s the lowest price since May 30.

“There is divestment following a disappointing half year result,” David Adonri, chief executive officer of Lagos-based Lambeth Trust and Investment Co., said by phone today. “Investors are afraid income could further decline.”

Profit for the six months through June fell to 27.5 million naira ($174,395) from 83.1 million naira a year earlier, the Lagos-based company said on Aug. 13. Revenue rose to 2.4 billion naira from 2.3 billion naira.

May & Baker’s shares have declined 33 percent this year, compared with a 14 percent gain in the Nigerian Stock Exchange All-Share Index (NGSEINDX) over the same period.

To contact the reporter on this story: Emele Onu in Lagos at eonu1@bloomberg.net

To contact the editor responsible for this story: Dulue Mbachu at dmbachu@bloomberg.net

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.