Ashaka 1Q pretax profit down 59%, Nigeria

Nigeria's Ashaka Cement first-quarter pretax profit fell 58.8 per cent to NGN1.16bn (US$5.8m) from a year ago, the company said on Monday. The decline was partly attributed to a fall in sales and a contraction in gross margin.

Revenue fell to NGN4.56bn during the three months to end-March, down from NGN6.5bn in the previous year, the local unit of Lafarge Cement said in a stock exchange filing.