African dairy firm Fan Milk says 2013 profit fell 21.4 pct

ACCRA Fri Jan 31, 2014 11:17am EST

ACCRA Jan 31 (Reuters) - Profit at African dairy firm Fan Milk Ltd fell 21.4 percent in 2013 from the previous year to 21.375 mln cedis ($9 million) on higher utility rates and lower consumer confidence, the company said on Friday.

Revenue fell to 138.799 million cedis from 147.212 million cedis, while earnings per share declined 0.18 cedis against 0.23 cedis for the full year in 2012, the company said in a filing with the Ghana Stock Exchange.

Dubai private equity group Abraaj said last June it would acquire Fan Milk International, which is based in Ghana, tapping into fast rising consumer spending in six west African countries.

($1 = 2.3700 Ghana cedis) (Reporting by Christian Akorlie; Editing by Matthew Mpoke Bigg and Emma Farge)

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