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Fidson Healthcare, a leading pharmaceutical firm in Nigeria, said on Wednesday that its after-tax profit fell by 32 percent year-on-year in the first quarter ended March 31, 2016.

The company said after-tax profit fell to N28.5 million in Q1 2016 compared with N41.7 million reported in Q1 2015. The company's profit is below estimates of N33.6 million compiled by CardinalStone Partners, a Lagos-based investment advisory firm.

Fidson’s gross revenues also fell below estimates, dropping 0.9 percent from N1.23 billion in Q1 2015 to N1.22 billion in Q1 2016.

Founded in 1995, Fidson Healthcare operates two pharmaceutical factories that produce five product types: tablets, capsules, cream and gel (semi-solids), dry powder, and oral liquids.

In the period under review, Fidson Healthcare said basic per share earnings fell to 2 kobo as against 3 kobo in the same period last year. As at 10.07 GMT on Thursday, the company’s stock remained flat at N2.15 per share on the Nigerian Stock Exchange.