(Sundiata Finance) – PZ Cussons Nigeria Plc reported 92.24 per cent decrease in losses to N123.08 million for the first quarter ended August 31, 2017. The company result released on the Nigerian Stock Exchange (NSE), on Tuesday showed that this was against the loss after tax of N1.59 billion recorded in the first quarter ended August 31, 2016.
The company said it had a total revenue of N18.9 billion in the period in review in contrast to N16.8 billion in the previous year, which represents 12.81 per cent rise year on year comparison. Gross profit for the period was increased by three to N5.9 billion against N5.7 billion in the year before..
Meanwhile, operating profit dipped by 16 per cent to N1.8 billion in the year 2017 compared to N2.2 billion recorded in the fiscal year 2016. The company’s total assets for the period dropped to N81.1 trillion compared to N90 trillion in the year 2016 while total liabilities also dropped to N36.1 billion against N44.9 billion in the year before. Shareholders fund stood at N45.01 billion as against N45.14 billion in 2016.
The Company recently said, it has adapted its management structures to create a truly customer care organisation, saying as part of a global organisation, it has benefited from global innovations and initiatives of the group.
“In this breadth, our supply chain processes and sales functions have been integrated as a single structure across the globe and across the region,” it said. PZ Cussons Nigeria noted that it is confident of its brands which are leading in the market segments they participate.
“We are going to sustain the current initiatives that have proved to be positive and effective. We will also keep the focus on key brands,” it said. PZ Cussons Nigeria Plc is part of a multinational consumer goods business, PZ Cussons Plc. They operate in five core categories, personal care, beauty, home care, food and nutrition and electricals.