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

Aug. 30 (Bloomberg) -- 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 over the same period.

To contact the reporter on this story: Emele Onu in Lagos at

To contact the editor responsible for this story: Dulue Mbachu at

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