Nigerian soap and detergent maker, PZ Cussons has reported has reported a slump both in its gross profit and profit after tax(PAT)for the first half of the year.
In a filing for its half year record, ending 28 November 2015, the company reported profit before tax of 1.15 billion naira versus 1.94 billion naira last year, a fall of 40%. Profit after tax however fell heavier, from N1.4 billion last year to N779million this year, a decline of 45.9 %
Turnover was not seriously impaired during the period as it fell from N31.65 billion to N30.61 billion, a decline of 3.3 %. The figures however showed a 507% jump in the company’s finance cost, from N49.9 million to N303.1 million during the same period.