Honeywell Flour Mills 3Q, 2011 Earnings up 23%
The management of Honeywell Flour Mills released its 3Q, 2o11 results on the floor of the exchange today. The company reported a growth in revenue of 20%. Revenues were N 27.94 billion, up from N23.36 billion over the same period in 2010.
The company also cut operating expenditure by 5%, helping to improve its profitability over the quarter. Operating expenses reduced to N2.61 billion from N 2.76 billion in 3Q, 2010.
Profit before tax was up 3% to N 2.56 billion from N 2.5 billion in 3Q, 2o1o.
Net income increased by 23%, largely due to a reduction in tax liability from the same period last year. Taxes payable over the period declined by 25%.
Net income reported for the period was N1.76 billion, up from N1.443 billion over the same period last year.
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