Sodecoton net profit down 40%

A flagship cotton farming company has seen more than a 40 per cent drop in net profit from 5.6 billion CFA francs in 2012 to 3.583 billion CFA francs at the end 2013, according to its board of directors.

The Society for the Development of Cotton (Sodecoton) says sources within the company have in turn culminated at 210 000 tonnes in 2013.

This production is officially projected at 240 000 tonnes this year, up from 30,000 tonnes.

As a reminder, Sodecoton supervises more than 250,000 cotton farmers in the northern part of Cameroon, who are often accused of selling their harvest in Nigeria, where purchase prices are more attractive.

A practice that hampers national production and loses money for the company.