Highest priced equity on the
In its audited results made available on Wednesday,
Rise in operating expenses, financial charges among others reduced the growth of the company's bottom-line. Financial charges rose 16 per cent from N1.848 billion to N2.14 billion, while operating expenses grew by 19.7 per cent from N24.179 billion to N28.95 billion.
This high costs affected the profit before tax, which rose marginally by 3.9 per cent from N25 billion to N26 billion. However, a reduction in taxation from N3.9 billion to N3.7 billion led to a growth of 5.4 per cent in profit after tax, which stood at N22.3 billion as against N21.1 billion in 2012.
But the shares of
Meanwhile, the bull run at the stock market was halted on Wednesday as the
The market was bullish Monday and Tuesday as bargain hunters took advantage of low prices after two weeks of decline.
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