Honeywell Records 1.9% Improvement In Second Quarter.

HONEYWELL Flour Mills Plc according to its half year unaudited account for the period ended, September 30, 2011, presented a 1.85 per cent increase in its profit after tax for its half year 2011 financial performance to the Nigerian Stock Exchange, NSE, and recorded profit after of N941.322 million.

The improvement in its after tax profit was in spite of a 22.75 per cent decline in its pre-tax profit, from N1.679 billion in half year 2010 to N1.297 billion in half year 2011. Honeywell Flour’s turnover appreciated slightly by 2.51 per cent to N18.686 billion from N18.228 billion recorded in similar period in 2010, it recorded cost of sales of N15.692 billion from N14.330 billion in 2010 and other income of N106.478 million compared to N32.559 million in 2010.

The company’s fixed asset grew by 24.44 per cent to N15.644 billion down from N12.572 billion in half year 2010 while its net assets stood at N15.041 billion, dropping by 0.59 per cent from N15.041 billion in 2010.

Meanwhile, Afromedia Plc has announced the resignation of one of its directors, Mr. Henry Sementari.

According to a statement by the company to the Nigerian Stock Exchange, NSE, Sementari resignation, which became effective, November 1, 2011, was as a result of his decision to pursue other personal endeavours. Neimeth International Pharmaceuticals Plc, also informed the investing community of the retirement of some of its key directors.

The company also announced the appointment of Mr. Emmanuel Ekunno as its Acting Chief Executive Officer. Ekunno, according to the company, graduated from University of Ife, Ile-Ife, Osun State in 1979, where he read and obtained a Degree in Pharmacy.