International Breweries Plc has released its unaudited financial statement for the 3-month period ended December 2019. The result showed an unimpressive performance.
During the period under review, the brewer’s revenue dropped by 5.8% to N35.09 billion, down from N37.3 billion in Q4 2018.
On the other hand, administrative and marketing expenses both increased to N8.3 billion and N6.039 billion, indicating some 125.4% increase and a 43.7% increase, respectively.
The company then reported a loss before tax of N13.4 billion as well as a loss after tax of N9.1 billion.