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Guinness Nigeria's Profit Tumbles During Economic Downturn

Guinness Nigeria Plc, the country’s second-biggest brewer, said profit fell 83 percent in the nine months through to the end of March during a downturn in Africa’s largest economy.

Earnings after tax were 864 million naira ($4.35 million) in the period, compared with 5.2 billion naira a year earlier, the local unit of Diageo Plc said in a statement on the Nigerian Stock Exchange’s website. Revenue dropped 18 percent to 69.6 billion naira.