PZ losses N4.7bn to forex, declares negative profit for Q1 2016

PZ Cussons Nigeria Plc 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 qurter 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 at the end of today trading.