Lafarge Cement, UBN record lower profits, FBN sees profit growth

Bya897204973

Updated Thu, 30 Oct 2014 10:42:30 GMT

Lafarge Africa, Nigerian unit of Lafarge Cement, said on Wednesday its nine month pretax profit dropped 41.2 percent to 38.08 billion Nigerian naira ($230.51 million), compared with 53.78 billion naira in the same period last year.

Revenue however rose to 159.39 billion naira, from 154.78 billion naira previously, the company said in a filing with Nigerian Stock Exchange.

Similarly, Union Bank said its nine month pretax profit fell 9.8 percent to 8.96 billion naira ($54.24 million), from 9.94 billion naira last year. The bank’s gross earnings also dropped to 74.77 billion naira during the nine months to Sept. 30, compared with 79.85 billion naira a year ago.

However, Nigeria’s First Bank Holdings said its pretax profit rose 5.24 percent to 73.74 billion naira, compared with 70.07 billion naira a year earlier.

Revenue also climbed to 255.72 billion naira, against 239.16 billion naira a year ago, the lender said.