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PZ Cussons Nigeria fiscal Q1 profit falls YOY

PZ Cussons Nigeria PLC said its normalized net income for the fiscal first quarter ended Aug. 31 amounted to 13 kobo per share, a decrease of 31.2% from 19 kobo per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 458.9 million nairas, a decrease of 31.8% from 673.1 million nairas in the prior-year period.

The normalized profit margin dropped to 3.1% from 4.5% in the year-earlier period.

Total revenue totaled 15.02 billion nairas, compared with 15.07 billion nairas in the year-earlier period, and total operating expenses increased from the prior-year period to 14.20 billion nairas from 14.04 billion nairas.

Reported net income fell 31.0% from the prior-year period to 555.5 million nairas, or 16 kobo per share, from 805.6 million nairas, or 23 kobo per share.

As of Oct. 9, US$1 was equivalent to 164.40 nairas.