PZ Cussons Nigeria Falls to 2-Month Low on Profit: Lagos Mover
PZ Cussons Nigeria Plc (PZ), a consumer products manufacturer, slipped to the lowest in two months after reporting a 55 percent drop in full-year profit.
The stock declined for a second day, falling 2.1 percent to 24 naira by the close in Lagos, Nigeria’s commercial capital, the lowest since May 31.
Net income for the 12 months through May dropped to 2.54 billion naira ($15.8 million) from 5.7 billion naira, the Lagos- based company said yesterday. Revenue rose 10 percent to 72.2 billion naira. The company proposed a dividend of 43 kobo per share.
“This is disappointing as it fell below the market expectation,” David Adonri, chief executive officer of Lambeth Trust and Investment Co., said by phone today. PZ Nigeria’s dividend pay-out has been “stable” at about 70 kobo, and investors expected it to maintain that, Adonri said.
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