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Business News of Thursday, 31 October 2013

Source: XYZ

Guinness Ghana posts 96% loss

Brewery giant, Guinness Ghana Breweries Limited (GGBL) has joined Fan Milk and BOPP to record decline in profits in their latest financial performance.

It posted a 96 percent loss for the first three months of its financial year. GGBL posted losses on almost all the items on the profit and loss account including general and administrative expenses.

Its turnover also went down by 2 percent to GH¢66 million at the end of September 2013.

Its balance sheet however remained strong with total assets hitting GH¢345 million from GH¢258 million a year before.

GGBL has so far recorded more than 200 percent growth in its share price this year. It is presently selling at GH¢6 18 pesewas from GH¢2 55 pesewas per share.