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Flour Mills of Nigeria Says First-Quarter Profit Declines

Aug. 10 (Bloomberg) -- Flour Mills of Nigeria Plc, which processes grains and imports cement, said profit declined 30 percent in the first quarter.

Net income retreated to 2.28 billion naira ($14.9 million) in the three months through June compared with 3.27 billion naira a year earlier, it said in a statement published on the Lagos-based Nigerian Stock Exchange’s website today. Revenue advanced to 45.9 billion naira from 43.5 billion naira.

Wheat prices increased 9 percent in the year through June. This curbed profit, Esili Eigbe, a Lagos-based analyst with Stanbic IBTC Bank Plc, said by phone today. “We are still bullish on the company,” he said.

Flour Mills’ revenue was line with Vetiva Capital Management Ltd.’s expectations, while profit missed estimates, Adedoyin Adelakun, a consumer-goods analyst at the Lagos-based company, said by phone.

“We expected a conservative 3 percent improvement” in first-quarter profit, she said, adding the company’s “buy” rating is under review.

To contact the reporter on this story: Vincent Nwanma in Lagos at vnwanma@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net

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