Julius Berger Nigeria PLC - FX related costs derail Q1 earnings
​JBERGER reported Q1’16 revenue of N28.7 billion, representing a 34% drop from the corresponding period of FY’15, but a 28% improvement over Q4’15. Noting that the operating environment of the three month period was as tough as Q4’15 from an economic point of view, we find the revenue numbers modestly impressive as it topped our forecast of N27.5 billion. What appears even more impressive is the 81% y/y rise in operating profit for the period on the back of management’s resilient OPEX containment. Although we had expected some efficiency in this regard after a 39% downsizing in staff strength over the course of FY’15, Cost containment was still better than our expectation. OPEX as a percentage of the revenue came in at 13.1% (Q1’15: 18.6%) against our 16% estimate.
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