Nigeria: Large cap stocks Dangote, Transcorp, Seplat see large drops in profit 

Some key quoted companies at the Nigerian Stocks Exchange have recorded huge loss in their operations but the banking sector has performed well during the first quarter,2015 Daily Trust finding revealed.

Data from Reuters revealed that as at the end of the quarter, Dangote Sugar’s first quarter pretax profit dropped from 51.9 percent to N3.79 billion ($19 million), compared with the same period last year. Revenue also fell to N22.52 billion in the period to end-March against N25.88 billion last year, the company said in a statement but gave no reason for the drop in earnings.

Transnational Corporation Nigeria ‘s first quarter pretax profit fell by 31.6 percent to N2.57 billion ($13 million), from a year ago.

Revenue also fell to N9.99 billion in the period to end-March against N10.53 billion year ago, the company said without giving any reason for drop in earnings

Seplat Petroleum, one of the performing quoted petroleum companies at the market on Tuesday posted a 47 percent drop in first quarter pretax profit, blaming lower crude prices and pipeline shutdowns in in the country.

The oil and gas exploration firm said its oil price during the first three months to end-March averaged $52.8 per barrel.

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