Reuters logo
UPDATE 1-African dairy firm Fan Milk says 2013 profit fell 21.4 pct
January 31, 2014 / 4:46 PM / 4 years ago

UPDATE 1-African dairy firm Fan Milk says 2013 profit fell 21.4 pct

* Dubai’s Abraaj Group acquires Fan Milk International in 2013

* Ghana cuts utility subsidies in bid to lower budget deficit (Adds quote, background)

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 in a statement 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.

“Electricity load shedding, higher utility rates and a general lower consumer confidence for most part of the year resulted in a scale back in the activities of our agents and distributors,” the company said in a statement.

Much of the company’s yoghurt-based drink products are sold by street vendors on bicycles.

It was not immediately possible to reach the company.

The government slashed fuel and utility subsidies last year in a bid to bring down a budget deficit that is provisionally forecast at 10.2 percent for 2013.

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

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below