Honeywell posts N2.8 billion loss for Q1 2016

 Honeywell Flour Mills Plc., has released its financial statements for the year ended 31st March, 2016, with a 370 percent decrease in profit to a loss after tax of N3 billion from a profit after tax of N1.1 billion posted for the same period of 2015.

The company increased its revenue slightly by 4 percent to N50.8 billion from N49.1 billion as Net Assets decreased by 20 percent to N16.4 billion from N20.3 billion.

Earnings of the company fell by 370 percent to a loss of 38.13 kobo from 14.13 kobo last year, while the company proposed no dividend for the financial year, compared to 5 kobo proposed a year ago.