PZ Cussons Nigeria Plc is in murky waters.

It’s recently released first quarter results showed a huge foreign exchange losses swallowed all of its operating profit, resulting in a loss after tax. The soap-maker has battled with a scarcity of foreign-exchange, soaring inflation and weaker consumer demand.

PZ Cussons Nigeria Plc has released its Q1 unaudited financial statements for the quarter ended 31 August 2016. The results show that the company recorded N2.43 billion group pre-tax loss, a loss after tax of N1.58 billion from a profit of N546.80 million the same period last year. Sales increased by 12.40 percent to N16.75 billion as the company’s strong brand across a wide spectrum continued to support the top lines.

The loss position was due to foreign exchange loss of N4.70 billion that wiped out all of the N2.21 billion in operating profit in the period under review.

Most companies in Africa’s most populous nation have recorded huge exceptional losses as a result of the adoption of a flexible exchange rate by the central bank in June that saw the naira loss 30 percent of its value to the dollar.

The naira depreciated by 8 percent on the interbank market N320.21 as at 4:30pm while the black market rate goes for N475 .

PZ chief executives had complain that the environment is challenging saying the currency peg imposed by the apex bank would undermine growth as it was practically difficult to source dollar for the purpose of buying raw materials for purpose of production.

The economy of Nigeria has been hard hit by a 50 percent drop in the price of oil while GDP shrank to 2.1 percent in the second quarter while the IMF forecast a contraction of 1.80 percent as the country fell into a recession, the first in 20 years.

Inflation rose to 17.60 percent in July as against 17.10 percent as at July, the highest in 11 years.

Nairametrics is of the view that since exchange losses are a one off events of exceptional items, the company will rebound to growth at the bottom line.

http://nairametrics.com/floating-of-naira-punishes-pz-plc-with-a-n4-7-billion-exchange-loss/
http://www.businessdayonline.com/en/pz-cussons-reports-q1-group-loss-before-taxation-of-n2-43bn/

Chai Baba God we've never had it this bad.....



No company is making profit under the PMB/APC regime


What a Negative Change



GEJ We are so sorry Sir


Sam Daddy (Imo 2019

Until we all loose our jobs, companies wind up or become moribund, before some persons realize before this administration we realize what a crumbling economy is.

We have the most incompetent, irrational, blame game stupid fellows as administrators of a great nation as ours.

The hardship is getting out of hand

I have no problem standing with Buhari if hardship like this is what it take to make Nigerians look inward and become productive again, but when businesses are denied dollar needed for materials and individuals make calls from the comfort of their bedroom and get the same dollars for purposes of round tripping , that's when I lost faith in this government.

How can a revolution start in this country? Are the so-called leaders deaf and blind?

OK

And this my brother still expects foreign investors to come lose their funds in this catalystimatic and miasmally odorifyied crinkum cakumated economy?

Bubu should fire all those mosquito ofonjas bf people stone him out of office

Great depression loading......

Hmmm

blueseacats:
I have no problem standing with Buhari if hardship like this is what it take to make Nigerians look inward and become productive again, but when businesses are denied dollar needed for materials and individuals make calls from the comfort of their bedroom and get the same dollars for purposes of round tripping , that's when I lost faith in this government.

The bolded should be ranked number 1 economic terror act now, but it seems the cabal way deep in the act
Anti corruption indeed

GEJ, his ministers and economic team were doing a great job but Nigerians held down by large scale illiteracy even including the so called educated people thought they were playing and they undermined this difficult job by thinking it can be handled by someone who has only nepabill as certificate. they even said it is not rocket science and fixing will be done within 8 months and rescuing of chibok girls 4 weeks. i am happy with this development....since wisdom couldnt give us commonsense...hunger will i honestly hope by 2019, we will have commonsense and make the right choice. I thought he hated GEJ when he made his government ungovernable but seeing he is making his own government ungovernable then i know we have a super clueless person on our hands.

so bad. it's hitting hard on every one.

Emmyvans:


PZ Cussons Nigeria Plc is in murky waters.

It’s recently released first quarter results showed a huge foreign exchange losses swallowed all of its operating profit, resulting in a loss after tax. The soap-maker has battled with a scarcity of foreign-exchange, soaring inflation and weaker consumer demand.

Thanks to Buhari!
Thanks to the Association of ProgreTHIEF Criminals, APC!!
Thanks to zombies!!!

We warned, shouted and screamed but they wouldn't listen.
We all suffer the consequences.


www.nairaland.com/attachments/2091052_2084712obama4jpeg0846bececdee51cd258847b713b916e6_jpegd27f893bccf38657d36ce7d37daaa943



www.nairaland.com/attachments/2095210_worst_jpeg588f192a23aa02a7b350a8bbe5d18306

PZ.... The lord is ur strength (Amen)

blueseacats:
I have no problem standing with Buhari if hardship like this is what it take to make Nigerians look inward and become productive again, but when businesses are denied dollar needed for materials and individuals make calls from the comfort of their bedroom and get the same dollars for purposes of round tripping , that's when I lost faith in this government.

i agree wit u.though many at d upper class hav given their share of thoughts on hw d govt can turn tins around but its unfortunate dat d presido only listens to his Daura kinsmen lyk Kyari nd Daura

So what company has actually posted a lil profit after tax this year..maybe the ones without business in forex!

Nobody will hear their voices when they make huge profits,,, they should take it like that as part of their own share of recession time..
but this is a bad news, this is why most companies will decide to fold up..




As for the MOD Wey turn himself to efcc that ban me for one month, I wonder what you are gonna do if u are God or the owner of nairaland ( Seun ) , besides there is no different between you, nepa and boko boys, actually u can only ban me on nairaland not on earth,and this gives me chances to spent less time on nairaland and focus on something else . But just continue

even if all companies in Nigeria fold up



buhari will still have thousands of foolish supporters

This country is in for a loooooooong ride

Hmmm...As this policy is leading us astray, FG should do the needful by reversing the policy on import duty or subsidize the industrial sector, I see 88% of Nigeria homeless and jobless in couple of year if something is not done.

ok

ollypass:
So what company has actually posted a lil profit after tax this year..maybe the ones without business in forex!

No Company made profits Bro, just Churches

As far as buhari's daughter has a 250k earring and his wife has a 10mill watch, APC supporters are happy

Now that foreign materials and raw materials are more expensive than local ones.. Its time to syart searching for those local materials... empower people to produce them in large quantities

Flour mills.. Should now look for land and farm wheat...

This is what it is supposed to be.. No more fake dollars price created by selling oil dollars cheap

Yhe problem with Nigerians is we fail to see opportunities even when they are in our faces
Someone is looking at buying a house of 200 million just to rent it out at 10 million per year
While with that in Jigawa or kaduna one can cultivate over 1000 heactres of wheat which will give u over 900 million in 5 months...

There are countless opportunities like this and people with money can't even see this

blueseacats:
I have no problem standing with Buhari if hardship like this is what it take to make Nigerians look inward and become productive again, but when businesses are denied dollar needed for materials and individuals make calls from the comfort of their bedroom and get the same dollars for purposes of round tripping , that's when I lost faith in this government.

Just when I thought you would make sense, finally, you made no sense. #DisappointingComment

It's just getting started.....

What we're about to face hence 2017 will triple what we're facing now....

I'd beseech every Nigerians to embark on petty business for self development and more importantly farming as there will be no circulation of money... Many companies will fold up from next year.... And there will be massive retrenchment as well....

This people.. Any negative news na buhari cause am.. Abi na him cause the recession? But this administration sef.. I no know where dem dey go.. Do clear-cut economic planning to forecast on. God save Nigeria

Anticorruption:
even if all companies in Nigeria fold up

buhari will still have thousands of foolish supporters

They have swapped their brains for Aisha Halliburton rice and salad.



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www.nairaland.com/attachments/4180477_1392483210143001453357818500537568220443822n_jpeg744fcdbcdbc4f5b147d46800faffe62b

Hmm

Sai baba

For how long are we going to continue reading stories like this?