Flour Mills Reports N9.3bn First Quarter Loss on Devaluation

Flour Mills of Nigeria (FMN) has reported a loss before tax of N9.3 billion due to foreign exchange loss of N22.5bn in the first quarter on naira devaluation.

Without the devaluation of the exchange rate, the operating profit would have increased by 52%.

“Management remains optimistic that with the current government monetary policies at stabilising the FOREX market, and management continues effort in sales and marketing activities geared towards boosting our top line while keeping cost under control, we expect to see significant improvement in profit generation in the coming period,” FMN said.

Revenue was higher by 34% to N456.3 billion for the quarter.