Last Thursday, International Breweries Plc, makers of brewer of Trophy Lager, Castle Lager, Beta Malt among others, said it recorded a net loss of N1.7bn in the first quarter of 2016/2017 financial year.
This, it explained, was a drop from last year when it recorded a N421 million profit.
International Breweries Plc further explained that the loss was because of fall in the exchange rate of the Naira to Dollar.
The company, in a statement received by Business Post, disclosed that it hopes to see improvements in the coming days.
International Breweries Plc had outstanding dollar denominated loans which had to be re-evaluated when the Central Bank of Nigeria (CBN) moved to a floating exchange rate system in June, causing the value of the loan to bloat.
Despite the currency instability, the company saw its revenue grow by 32% to N6.9bn, up from N5.2bn in the preceding year.
It further said cost of sales rose 27% to N3.5bn, from N2.5bn due to higher cost of raw material inputs caused by the naira devaluation.