DESPITE NEGATIVE ORGANIC CASH FLOWS, HONEYWELL POST IMPROVED 9 – MONTHS PRE-TAX PROFITS

Honey Well Flour Mills has released its 9months to December 2012 earnings report with revenues growing 18.28% to N33billion when compared to the same period last year. They also reported operational profit of N2.54billion representing a 4% increase when compared to the N2.44b posted a year earlier. Pre-tax profits were N2.5billion at the end of the period. The company also has a net finance income of N2million as finance income was higher than cost.

Honeywell, had about N34billion in external debt with N6.7billion ranking as non-current and N27.3 as non-current liabilities. About N10billion was added to debt during the year just as the company generated negative operating cash flow of N4.16billion. The share price closed at N3.04 (15/2/2013) and has increased 66.1% over the last one year to date and has a year high of N3.44 about a week ago (Feb 7).

HONEYWELL FLOUR MILLS PLC Q3 UNAUDITED RESULTS DECEMBER 2012

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