British soap and shampoo maker, PZ Cussons Plc said its first-half operating profit fell four percent, hurt by tough trading conditions in Nigeria and a devaluation of the currency Naira.
Cussons, the maker of Imperial Leather soaps, said a potential further volatility in the currency and the upcoming presidential elections in its core market Nigeria could be key contributing factors for the full year.
Nigeria is the company’s biggest market, though it also sells in Ghana and Kenya. Africa accounted for about 42 percent of Cussons’ revenue in the year ended May 31.
Follow Us