PZ declares N1.586bn loss in Q1, bemoans forex regime

PZ Cussons Nigeria has reported
a massive loss of
N4.701 billion to foreign
exchange during the first quarter
of 2016.

The company’s revealed this
in its unaudited consolidated
statement of profit or loss and
other comprehensive income for
the first quarter ended 31 August
2016.
PZ’s made a gain of N14.968
million in foreign exchange during
the same period of 2015 as it
end first quarter 2016 at N4.701
billion, representing 31,507 per
cent loss.

In the same vein, it reported a
loss of N1.586 billion at the end
of first quarter 2016 as against
profit of N427.851 million made
during the same period of 2015;
this translates to 470.6 per cent
loss.

However, PZ Cussons Nigeria
Plc’s revenue rose by 12.04 per
cent at the end of current quarter
when compared with N14.953
billion it made in first quarter of
2015 to end with N16.753 billion.
Its gross profit improved by
40.7 per cent from N4.110 billion
in first quarter 2015 to N5.782 billion
at the end of first quarter
2016.

The earnings per share ran
into negative of 40 kobo in first
quarter 2016 from 11 kobo earned
at the end of first quarter 2015.
Meanwhile, shareholder of
PZ Nigeria negatively reacted to
the miserable result declared to
the investing public, as its share
price decline by 10.75 per cent
from N20.70 kobo to N10.69 kobo
as at Friday.

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