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PZ Cussons Nigeria Plc, the Nigerian subsidiary of UK consumer goods giant, PZ Cussons, has reported that its profit before tax fell by 46 percent year-on-year in the nine months ended February 27, 2016.

The company said profit before tax fell 46 percent to N2.14 billion in nine months of its 2015/16 financial year, compared to N3.99 billion in its nine-month results for 2014/2015.

Its nine-month financial statements released at the Nigerian Stock Exchange on Thursday also show that the company’s gross revenues fell 4.22 percent to N50.66 billion. PZ Cussons Nigeria had reported N52.89 billion in revenues in a similar period in 2014/2015.

In January, PZ Cussons had attributed the decline in its earnings to the weak trading environment in Nigeria caused by lower disposable incomes, foreign exchange shortages, and the depreciation of the naira against the pound sterling. The company's management had stated that it would adopt several strategies to reduce the impact of these headwinds on earnings.

Nigeria is PZ Cussons' largest single market, with operations in personal care products, home care products, food and nutrition products, and electrical appliances. Its brands include Imperial Leather, Carex, Premier, Cussons Baby, Morning Fresh, Zip, Nunu, Olympic, Coast, Haier Thermocool, among others.