PZ profit slumps, as Honeywell proposed 17 kobo

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PZ Cussons Plc, one of the leading companies under consumer goods sector of Nigerian Stock Exchange has released its audited result for year ended May 2014, with profit after tax of N5.1billion, a 4.5 per cent dropped over the N5.32 billion recorded during the same period last year.

The significant increase recorded in financial charges by 60 per cent impaired on the company bottom line indices, as financial charges moved from N229.5 million to N367.3 million in 2014.

Other highlights of the result showed that revenue grew to N72.9 billion in the review year as against N71.3 billion in 2013, while other Income stood at N281 million from N264 million.

The management was however, cost effective in the review period as both costs of sales and operating expenses dropped from the previous year.

Cost of sales dipped by three per cent to close at N53.7 billion while operating expenses decreased by eight per cent to N12.8 billion.

The company recorded earnings per share (EPS) of 116 kobo from 123 kobo in financial year ended 2013 and proposed a dividend of 61 kobo for shareholders.

Details of its balance sheet shows current assets hitting N46.5 billion, down from N47.9 billion at the end of 2013 while current liabilities increased to N23.9 billion from N21.4 billion in 2013.

Cash flow from operating activities closed at N9.8 billion, cash flow from investing activities N2.7 billion and cash flow from financial activities stood at N9.2billion.

Meanwhile, Honeywell flour mill has proposed 17 kobo dividend for financial year ended March 2014.

The annual general meeting (AGM) will hold September 16, 2014 at Civic Centre, Victoria Island, Lagos.

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