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Rarerity - Profit declines at Nigerian International Bank

Proshare NG reports that profit at Nigerian International Bank, a subsidiary of Citigroup declined 10% in the year ended December 31st, 2007.

Here is the report below:

Profit after Tax (PAT) of Nigeria International Bank Limited (NIB) a subsidiary of Citigroup in Nigeria has declined by 10.05 percent in its result for the year ended December 31, 2007.

In the period under review, the PAT of NIB decreased from N7.722 billion in year 2006 to N6.946 billion in year 2007 indicating a decline of 10.05 percent.

In the same vein, Profit before Tax (PBT) also declined from N10.555 billion in year 2006 to N8.413 billion in year 2007 indicating a decline of 20.3 percent.

However, Net Earnings increased slightly from N14.851 billion in year 2006 to N15.248 billion in year 2007 showing an increase of three percent. While Earnings per Share (EPS) also declined by 9.78 percent from 276 Kobo in year 2006 to 249 Kobo in year 2007.

Shareholders funds of the bank grew slightly from N33.812 billion in year 2006 to N35.031 billion in year 2007 showing a growth of four percent.

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Company Results

The following companies have released their results:

John Holt (1st Qtr), Guiness (3rd Qtr), Glaxo Smithkline (1st Qtr), Morison Industries (1st Qtr), and CAP Plc (1st Qtr).

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RTBRISCOE: 1ST QTR MAR 2008

R.T BRISCOE (NIGERIA) PLC
1ST QUARTER RESULTS FOR THE PERIOD ENDED 31ST MARCH 2008

TURNOVER  08 N4.354b,       07 N3.836b
PBT             08 N267.551m,  07 N219.901m
TAXATION  08 (N85.616m)   07 (N70.368m)
PAT            08 N181.935m,  07 N149.533m

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NAHCO: 1ST QTR MAR 2008

NIGERIAN AVIATION HANDLING COMPANY PLC,
UNAUDITED ACCOUNTS FOR THE PERIOD ENDED 31ST MARCH 2008 TURNOVER 08 N1.218b, 07 852.742m

PBT     08 N306.715m,  07 N167.658m
TAXA  08 (N98.149m)  07 (N53.651m)
PAT    08 N208.566m,  07 N114.007m

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CCNN: 1ST QTR MAR 2008

CCNN (Cement Company of Northern Nigeria)PLC
1ST QUARTER RESULTS FOR THE PERIOD ENDED 31ST MARCH 2008

GROSS REV                  07 N2.535b        08 N2.191b
PRODUCTION COST    07 N1.799b,       08 N1.467b
GROSS PROFIT            07 N404.897m,   08 N446.351m
SALES/ADMIN COST   07 N324.512m,   08 N318.721m
NET P(Loss)AT           07 (N18.267m)    08 N135.321m

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UNILEVER: 1ST QTR MAR 2008

UNILEVER NIGERIA PLC, RESULT FOR 3 MONTHS ENDED 31 MARCH 2008

TURNOVER        08 N9.690b,   07 N8.290b
PBT                   08 N1.582b,   07 N441m
TAXATION       08 (N506m)    07 (N141m)
PAT                  08 N1.076b,   07 N300m

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STACO: YEAR END DEC 31 2007

STACO INSURANCE PLC, AUDITED ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2007

TURNOVER      07 N2.813b,        06 N1.636b
PBT                 07 N868.177m,   06 N546.905m
TAXATION      07 (N110.194m)   06 (N55.442m)
PAT                07 N757.982b,     06 N491.462m

PROPOSED DIVIDEND 12K

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fsdh’s report on Oceanic and Skye Banks

FSDH has prepared a report on both Skye and Oceanic Banks.
Both banks recently released impressive results for the quarter just ended.
Here are a few facts:

Skye Bank Review
- Gross Earnings increased by over 60% to N27.6billion
- Profit Before Tax increased 282% to N7.7billion
- Profit After Tax increased 337% to N7.6billion.
- Bank is vigorously pursuing cost cutting
- Seeking to accept additional 25% of the offer size as a result of over subscription.

Oceanic Bank Report
- Gross Earnings increased 128% to N66.7billion.
- Profit Before Tax increased 151% to N25billion.
- Profit After Tax increased to N20billion
- Improvement in cost structure

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