The gross revenues of ice cream manufacturer, Fan Milk Ghana Limited (FML), dropped by 2.7 per cent in the first half of the year relative to the same period last year.
Its yet-to-be audited first half results, released last week, showed that revenues declined from GHC73.32 million in the first six months of 2012 to GHC71.42 in the same period this year.
This comes ahead of the propose takeover of Fan Milk's operations by Dubai-based equity investor, Abraaj Group, later this year.
The takeover was made possible through Abraaj's acquisition of a 100 per cent in Fan Milk International (FML), the parent company of FML earlier this year.
FMI owned about 56.6 per cent stake in FML, its Ghana subsidiary, but lost that following the conditional sale and purchase agreement it entered into with Abraaj, an equity investor that operates in emerging markets such as Africa, Asia, Latin America and the Middle East.
Notwithstanding the slight decline in FML's gross revenues in the first six months of the year, its gross profit rose from GHC37.87 million in the first half of 2012 to GHC42.80 million in the period under review.
Its after tax profit also inched to GHC14.85 million from the 2012 first half figure of GHC13.05 million.GB
No comments:
Post a Comment