Aluminium Extrusion nets N60.31m profit, offers N0.05 dividend

The board of Aluminium Extrusion Industries, on Wednesday presented its audited result for the year ended December 31, 2010, indicating that although turnover raised slightly, profit before and after tax fell.

The board however recommended a dividend of five kobo per share for payment to shareholders whose name appear on the register when it closes on September 8, for approval at the annual general meeting on September 22, in Lagos, while payment date will be announced later.

Turnover, according to the result presented to the Nigerian Stock Exchange (NSE) rose to N1.611 billion from previous year’s N1.518 billion.

Loss before tax and extraordinary items stood at N1.278 billion, compared with N1.278 billion at the end of 2009.

There was however a profit before tax of N91.994 million, representing a decline from N125.838 million in the corresponding period of 2009, while net profit for the period under review dropped from N77.698 million  to N60.318 million.

Meanwhile, at the end of Wednesday’s trading activities, the benchmark All-Share index suffered its third consecutive loss for the week, shedding 62.09 basis points, or 0.24 per cent.

This brought its cumulative loss for the week to 224.87 points or 0.87 per cent.

Wednesday’s biggest decliner was household and body care products’ conglomerate Unilever Nigeria, which lost 139 kobo, wiping off more than all of Tuesday’s 100 kobo notch; ahead of the NSE’s second largest company by market capitalization- Nigerian Breweries, which shed 100 kobo, a day after gaining 90 kobo; followed by Lafarge subsidiary- Ashaka Cement, which closed 97 kobo leaner, compared with Tuesday’s 95 kobo notch.

Food beverages and confectioneries’ giant- Cadbury Nigeria added 84 kobo to previous session’s 51 kobo slide; followed by Ecobank Transnational Incorporated’s 60 kobo loss, which brought its two-day fall to 138 kobo; just as Dangote Flour Mills suffered a 51 kobo decline; while Nigerian Aviation Handling Company shed 41 kobo; among others.

The weak gainers’ side was led by integrated energy giant- Oando, which grabbed 191 kobo; trailed from afar by Nigerian Bottling Company with 41 kobo.

At the end of Wednesday’s trading activities, a total of 339.049 million shares were crossed in 5,923 deals for N2.567 billion, compared with Tuesday’s 158.09 million units worth N1.599 billion in 4,718 deals.

The banking sub-sector, at the mid-week accounted for 209.912 million units worth N1.479 billion in 3,619 deals, led by the 38.567 million shares of Guaranty Trust Bank exchanged in 549 deals for N619.694 million; followed by 35.489 million units of Afribank, which changed hands for N35.31 million in 141 deals.

The chemical & paints sub-sector followed with 60.743 million shares valued at N192.336 million in just 17 deals, boosted by 60.662 million units of Paints & Coating Manufacturers worth N109.789 million in three deals