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, CFO, 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.