By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-Soapmaker, PZ Cussons Nigeria Plc on Thursday said its half-year (H1) 2014 profit after tax (PBT) dropped 37.8 percent to N1.441 billion from N2.317 billion recorded in the same period of 2013, the company said in a filing with the Nigerian Stock Exchange.

Similarly, profit before tax (PBT) also declined 36.9 percent to N1.941 billion from N3.077 billion in the corresponding period of 2013.

Also, revenue climbed down 2.5 percent to N31.659 billion from N32.460 billion in the same period of 2013.

Its parents company in UK, PZ Cussons Plc on Tuesday posted a H1 profit decline by 8.2 percent; which the company said was as a result of the activities of insurgents in the north east of Nigerian and the devaluation of naira.

The British soapmaker affirmed that it foresaw the challenging trading condition in Nigeria; its biggest market in sub-Sahara Africa which resulted in a revenue drop of six (6) percent to £156.2 million.

The maker of imperial leather soap further affirmed that despite sales in other countries like Ghana and Kenya, Nigeria accounted for about 42 percent of the company’s total revenue in the year ended May 31.

Similarly, the company said PBT and exceptional items dipped to £43.7 million ($65.95 million) for the review period from £47.6 million last year.