October 23, 2013 / 5:42 PM / 4 years ago

Ghana's Fan Milk says 9-month net profit slips 11 percent

ACCRA, Oct 23 (Reuters) - Ghana's Fan Milk Limited said on Wednesday its profit for the nine months to September slipped nearly 11 percent to 18.291 million cedis ($8.35 million) compared to 20.577 million cedis a year ago.

Increasing costs and the depreciation of the cedi against the dollar and the euro were to blame for the fall, the company said in a filing with the Ghana Stock Exchange.

Earnings per share fell to 0.16 cedis from 0.18 cedis in the first nine months of 2012. Revenue fell 9.6 percent to 101.711 million cedis from 112.470 million cedis, it added. ($1=2.19 cedis) (Reporting by Christian Akorlie; Editing by David Lewis)

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