PZ Cussons 1st quarter profit slips 31 pct

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PZ-cussonsPZ Cussons, the Nigerian unit of British household products maker, said its first-half pretax profit fell to 872.29 million naira ($5.31 mln), down 30.8 percent compared with a year ago.

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Turnover dipped to 15.01 billion naira during the period to August 30, compared with 15.06 billion naira in the same period of last year, it said in a filing with the Nigerian Stock Exchange.

Earlier this month, Naija247news reported that the maker of Imperial Leather soaps, said continued unrest in northern Nigeria has resulted in a decline in sales in that region.

Nigeria is by far the British soap and shampoo maker’s biggest market, though it also sells in Ghana and Kenya. Africa accounted for about 42 percent of Cussons’ revenue in the year ended May 31.

Insurgents from Boko Haram, whose name means “Western education is forbidden”, are fighting to carve out an Islamic state in Nigeria. Since a military offensive began last year, the Islamists have taken out their anger on civilians in increasingly frequent attacks.

The company also said it was carefully monitoring the Ebola situation in Nigeria.

Shares in the Manchester-based company closed at 380 pence on Monday, valuing the business at 1.63 billion pounds.

 

Babatunde Akinsola
Babatunde Akinsolahttps://naija247news.com
Babatunde Akinsola is aNaija247news' Southwest editor. He's based in Lagos and writes on the Yoruba Nation political issues, news and investigative reports

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