Flour Mills of Nigeria Says Its Profit Declined 30% During First Quarter

Flour Mills of Nigeria Plc (FLOURMIL), which processes grains and sells cement, said its first-quarter profit fell 30 percent as revenue climbed.

Net income for the three-month period declined to 2.28 billion naira from 3.27 billion naira a year earlier, the company said in a statement published on the website of the Nigerian Stock Exchange today.

Revenue advanced to 45.9 billion naira from 43.5 billion naira, Flour Mills said.

To contact the editor responsible for this story: Alastair Reed at areed12@bloomberg.net