PZ Cussons Nigeria Plc has recorded a 55 per cent decline in its profit after tax for the full financial year ended May 31, 2012.

Its result, which was presented to the Nigerian Stock Exchange on Wednesday, showed that its profit, which stood at N5.7bn a year earlier, fell by N3.2bn or 55 per cent to N2.5bn at the end of the 2011 financial year.

However, the company’s turnover rose by 9.5 per cent or N6.27bn to close at N72.15bn, up from N65.88bn recorded in May 2011.

Despite the reduced profit, however, the Board of Directors of the company have recommended a dividend of 43 kobo per share, pending the shareholders’ approval  at its forthcoming annual general meeting next month.

The company had earlier issued a profit warning that the challenges rocking the northern part of Nigeria and the subsidy crises that characterized the early part of this year had contributed to the whittling down of its activities.

A statement from the British parent company, last month, noted that its fiscal-year profit fell on higher raw material costs and worsening conditions in Nigeria and Australia, with its profit before tax falling to £48.5m, from the £108.1m recorded a year earlier.

Meanwhile, activities on the NSE closed on a positive note for the second time this week, with major market indicators recording significant appreciation.

Specifically, the market capitalisation of the listed shares rose by N85bn or 1.2 per cent from N7.340tn on Tuesday, to close at N7.425tn.

Similarly, the NSE All-Share Index added 1.2 per cent or 267.96 basis points to 23,329.34 points, up from 23,061.38 points the previous day, while the NSE-30 Index rose by 1.1 per cent or 11.43 basis points to 1,083.89 points, up from 1,079.46 points recorded the previous day.

Portland Paints Plc led 20 others stocks on the price gainers chart, rising by 4.7 per cent or 15 kobo to close at N3.31 per share.

Livestock Feeds Plc followed on the chart with a gain of 4.3 per cent or six kobo to close at N1.44 per share.

On the other hand, Mansard Insurance Plc led 23 other stocks on the losers’ chart, shedding five per cent or eight kobo to close at N1.52 per share.

Cement Company of Northern Nigeria Plc also lost 4.9 per cent to close at N4.26 per share.

Source: Punch/Udeme Ekwere