7UP records ₦2.45bn Q1 loss, e-Tranzact profit dips

7-UP Bottling Company Plc has reported a loss of ₦2.45bn for the first quarter of 2017.

This represents a decline in the company’s business compared to the corresponding period of 2016 when it posted a profit of ₦1.265bn.

Also, 7-UP reported an operating loss for the year of ₦2.45bn as against operating profit of ₦775.558m reported for the year 2016 in the first quarter.

However, its 2017 first quarter revenue stood at ₦31.8bn, as against ₦26.6bn in the same period of 2016.

Also, e-Tranzact International Plc’s profit dropped by 57.42 per cent in the first half of 2017.

The company posted a profit before tax of ₦309.9m for the first six months of the year compared to ₦727.8m reported in the corresponding period of last year.

Its profit for the year also slid to ₦210.7m, as against ₦494.9m reported in 2016. But its revenue rose to ₦31.8bn, compared to ₦26.6bn posted last year.

A shortage of dollars, driven by the oil price crash that forced suppliers to buy currencies at the black market premium, drove up the production costs of 7-UP, tipping the company in a loss position in the full-year result released in March this year.

For the year ended March 31, 2017, 7-UP recorded a loss after tax of ₦10.77bn as against a profit of ₦3.34bn the previous period.

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