Nigerian Breweries (NB) Plc has posted revenue of N157.37 billion for the first half of 2016,against N151.6 billion achieved in 2015.

Specifically, the company’s unaudited results released to the Nigerian Stock Exchange showed that the company recorded a revenue of N N157.37 billion, which represents a four per cent increase over N151.67 billion declared in the corresponding period in 2015.

Its operating activities rose by 0.10 per cent from N33.90 billion to N33.94 billion.

However, the company’s Profit Before Tax (PBT) dipped by 17.64 per cent from N33.99 billion in the period under review to N25.52 billion while Profit After Tax (PAT) dropped by 11.24 per cent to N19.06 billion in the current period from N21.47 billionposted2015.

The company directors explained that the rising inflation, with the higher inputs costs as a result of scarcity of foreign exchange led to a flat operating profit compared with the preceding year.

Despite a lower interest cost from the Commercial Paper Programme, PAT declined by 11 per cent, mainly due to foreign exchange losses arising from the rates going up inJune.

It explained that the board expects the operating environment in 2016 to remain challenging for the rest of the year, even as the company pledged to remain focused on its twin agenda of cost leadership and market leadership supported by innovation.

The directors also expressed optimism that the Nigerian market would remain positive on the for the medium and long term.