Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

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 eonu1@bloomberg.net

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

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.