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Ramish and Leela
Friday, 03 November 2017 14:55

NFM Experiences 23% Decrease In After Tax Profits

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National Flour Mills has recorded a 23 percent drop in profits after tax.

This is for the nine month period ending September 30th.

The profit fell from $29.26 million in 2016 to $22.55 million in 2017.

Revenues also saw a decline from $335.9 million in 2016 to $320 million for the equivalent third quarter period in 2017.

NFM Chairman Nigel Romano said the main reason for the decline came from a 10 percent fall in revenue.

This drop in revenue he said was largely due to a decline in animal feed sales and the impact of a 29 percent increase in NFM's effective corporation tax rate.

He said however that in spite of the depressed local and regional economic environment the company was seeing progress in its export endeavours.

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