PZ Cussons Nigeria on Monday reported it pared down its net loss for the quarter ended 31 August by over 88 per cent.
The loss appears minimal for the local operation of British consumer goods company PZ Cussons Plc, when compared to its performance within same period of last year when loss after tax was as high as N38.6 billion.
The balance sheet of the manufacturer took a devastating blow in the three months to November last year after a slump in the value of the naira, its reporting currency, prompted a foreign exchange loss that tipped the company into one of its biggest quarterly losses on record.
PZ Cussons did not respond to PREMIUM TIMES’ inquiry seeking to know the plan it is putting in place to clear the negative equity, which had gone up 18.5 per cent further at the end of the last financial year.
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