PZ Cussons Reduces Q1 Loss By 92.24%, As Forex Woes Reduce

The management of household and body care conglomerate, PZ Cussons Nigeria, on Tuesday presented its unaudited financials for the first quarter ended August 31, 2017, showing that despite the sluggish 12.81% rise in sales revenue, there was a significant 92.24% drop in loss for the period, helped by drastic drop in foreign exchange loss from N4.701bn to N1.793bn.
According to the result, turnover rose to N18.898bn from prior first quarter’s N16.752bn, a growth that was wiped off as cost of sales increased from N10.97bn to N12.906bn; leaving gross profit at N5.992bn, which was better than prior Q1 by a marginal 3.6% from N5.782bn.
Selling and distribution cost was flat at N2.262bn from N2.255bn; administrative expenses climbed 42.5% from N1.316bn to N1.876bn; following which operating profit fell to N1.853bn, representing a 16.16% fall from the previous N2.21bn.
Other income dropped from N58.557m to N31.748m; just as the company earned interest income of N75.7m, 21% less than the N97.777m it recorded in the corresponding first quarter of 2016; just interest cost ballooned by 267.3% to N348.205m, from N94.81m, resulting in net finance cost of N272.505m from an income of N967,000.
Loss before tax reduced by 92.55% to N181.005m from N2.431bn; just as net loss reduced from N1.585bn to N123.083m, translating to loss per share of three kobo, from 40 kobo.