FCMB GROUP PLC - Earnings beat estimates following cut

FCMB GROUP PLCEarnings beat estimates following cutFCMB released its FY’15 result with earnings coming in slightly better than our revised estimate. Following management’s profit warning in February, we had been finicky about FCMB’s FY’15 earnings – cutting our PAT forecast by 33%. Whilst top line rose 3% y/y to N153 billion (8% ahead of our estimate), bottom line declined 78% y/y to N4.8 billion butahead of our revised N2.4 billion estimate. Although management earlier warned about a ...