Nigerian Breweries suffers an unprecedented N145 billion loss.
Nigerian Breweries, the country's largest beer manufacturer, reported a pre-tax loss of N145.3 billion for the previous year, the most since the company's founding in 1946. The beer manufacturer announced the loss following a year in which the value of the naira dropped by more than half due to foreign exchange losses. The brewer's net loss on foreign exchange transactions increased to N153.3 billion from N26.3 billion in the previous year, putting the company's bottom line in the red. Fifty percent of the brewer's input expenses are imported and priced in foreign currencies. Revenue increased by 8.9% to almost N600…
