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PZ Cussons Nigeria fiscal Q2 profit falls YOY

PZ Cussons Nigeria PLC said its normalized net income for the fiscal second quarter ended Nov. 30, 2014, amounted to 16 kobo per share, a decrease of 41.0% from 28 kobo per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 586.0 million nairas, a decline of 43.4% from 1.04 billion nairas in the year-earlier period.

The normalized profit margin declined to 3.5% from 6.0% in the year-earlier period.

Total revenue decreased on an annual basis to 16.64 billion nairas from 17.39 billion nairas, and total operating expenses totaled 15.54 billion nairas, compared with 15.63 billion nairas in the prior-year period.

Reported net income declined 44.7% year over year to 717.1 million nairas, or 20 kobo per share, from 1.30 billion nairas, or 35 kobo per share.

As of Jan. 29, US$1 was equivalent to 188.95 nairas.