DANGOTE Sugar Refinery Plc has announced a turnover of N65.22 billion for the third quarter of last year which ended in September 30.

According to the refinery’s unaudited results presented　 to the Nigerian Stock Exchange(NSE), turnover rose by 9.71 per cent over N59.43 billion recorded in the corresponding period in 2009.

Also, the company posted a profit before tax of N12.61 billion, compared with the previous N15.86 billion, while the profit after tax is N9.46 billion. For the same period in 2009, it was N11.90 billion.

　 The performance is attributable to the harsh operating environment experienced by sugar refining factories in emerging markets in 2010.

　 In a statement, the company said: "The board of directors is mindful of the challenges posed by the scarcity of and high price of raw sugar in the international market during the period, and the attendant impact on performance. It is hopeful for a change in this situation and performance in the days ahead."

　 It assured that efforts are being made to improve the company’s revenue stream "through the introduction of more consumer-friendly refined sugar packages into the market."

　 It noted: "The current global economic crisis and the increasing prices of raw sugar, among others, have posed a major challenge to performance in recent times. The board of directors is mindful of its impact on the past business year. Barring these circumstances, the board is hopeful for a better performance in the coming years."

　 It also assured that this would be complemented by cost-cutting strategies and innovation to stay ahead of competition, while improving returns on shareholders’ investment.

Towards improving its performance in the current year, the board has made a forecast of N32.90 billion as turnover in the first quarter of this year while the gross profit is expected to hit N7.64 billion.

According to the forecast, profit after tax is projected at N6.19 billion while profit after tax will hit N4.21 billion.