The board of the PZ Cussons Plc has announced a 92.2 percent drop in losses posted in the first quarter 2017/2018 results released on the Nigerian Stock Exchange,NSE.
The FCMG company recorded a loss of N123.1million in Q1’2017 as against a loss of N1.585 billion posted in Q1’2016.
Although earnings per share was in the negative territory of 3 kobo, the company improved turnover by 12.8 percent.
Turnover for the period rose to N19 billion from N16.8 billion and operating profit dropped 16.2 percent to N1.89 billion from N2.2 billion recorded in the preceding year.
PZ posted a loss before tax of N181million while tax was reduced 93 percent to 57.9 million.
Financial ratio analysis showed Gross Margin was down by 3 percentage points to 32 percent for the period ended August 31st 2017 as against 35 percent recorded for the same period of the previous year.
Net profit Margin stood at -0.7 percent compared to -9 percent in Q1’2016 while operating margin for the period stood at 10 per cent compared to 13 percent recorded previous year.
In reaction to the results, the share price recorded a sharp decline of 4.98 percent on Tuesday to close at N24.23 per share
