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PZ Cussons Nigeria Reports N289million Loss

Consumer goods manufacturing company, PZ Cussons Nigeria Plc has filed its unaudited financial results for the first half ended 30 November 2016 with a loss of N289 million.

The company, via the Nigerian Stock Exchange, NSE, had earlier announced a delay in the submission of its financial result. The firm said the reported loss was driven by adverse movement in foreign Exchange rate ‎and represents a decline of 137 percent from N779.5 million recorded as profit for the half year period ended November 2015.

It also recorded an increase in loss before tax of N425.2 million from a profit of N1.2 billion recorded in same period of prior year while Earnings per Share for the period in review stood at -7 kobo having declined by 135 percent from 2015’s 20k. The results filed with the Nigerian Stock Exchange, showed that the company grew turnover by 9 percent from N30.6 billion recorded in the half year period of 2015 to N33.3 billion.

PZ Cussons had earlier announced a delay in the release of its unaudited financial results, citing the collation of the group’s overall results, which also has extensive operations in Europe, Asia and in America, as the reason for the delay.

The company however assured its Nigerian shareholders that the delayed result will not pose any disadvantage. Commenting on the results, the company said “Our first half results amounting to a loss of N4.9 billion in 2017, against a loss of N1.4 million same period prior year.”

Financial ratios from the released results also showed Gross Margin rose to 34 percent from 27 percent, but Net Profit margin slumped to a negative 0.9 percent from 3 percent recorded for the half year period of 2015, while Current ratio dipped to 1.4 from 1.8

PZ Cussons shares closed at N14.25 on Friday, remaining unchanged from prior session’s closing figure.

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