Lafarge Africa loses N30bn in Q2 2016

Lafarge Africa Plc has reported a loss after tax of N30.246 billion in its second quarter ended 30 June, 2016. Lafarge had in second quarter 2015 reported profit after tax of N27.316 billion.

Also, the revenue of Lafarge Africa Plc declined from N152.179 billion of 2015 to N107.365 billion in 2016. The dropped in turnover during the second quarter of 2016 represented N44.814 billion.

Despite the serious slide in revenue in 2016 second quarter, the company’s spent 85.90 per cent of its revenue on cost of sales which gulped N92.225 billion as against 64.40 per cent (N98.001 billion) spent on the same purpose in 2015 second quarter.

Distribution, admin and other expenses reduced by N1.805 billion or 12.87 per cent during review period of 2016 second quarter from N14.022 billion to end 2016 second quarter with N12.217 billion.

The cement manufacturing company’s earlier this month issued a profit warning said, the 2016 second quarter results would be affected by the impact of the Naira devaluation against USD.