April 9, 2018 / 10:11 AM / 2 months ago

Impairments push Lafarge Africa to 2017 loss, shares fall

LAGOS, April 9 (Reuters) - Lafarge Africa has taken a one-off impairment in Nigeria and South Africa totalling around 33 billion naira ($105 million), widening its loss before tax for 2017 from a year earlier and sending its shares tumbling.

Bruno Bayet, chief financial officer, told Reuters the impairments accounted for bulk of the loss, without which the cement maker would have turned a profit.

Lafarge Africa shares listed on the Lagos bourse fell to a one-year low on the news.

$1 = 314.50 naira Reporting by Chijioke Ohuocha; Editing by Alexis Akwagyiram and Mark Potter

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