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PZ Cussons Nigeria reported a hefty first quarter loss due to foreign exchange losses resulting mainly from the devaluation of the naira, according to a statement released at the Nigerian Stock Exchange on Tuesday.

The company said after-tax loss stood at N1.59 billion in the 2016 first quarter ended on August 31, compared with an after-tax profit of N427.85 million in a similar period of last year. The first quarter after-tax loss resulted from a huge foreign exchange loss of N4.7 billion compared with an FX loss of N14.97 million a year earlier.

Revenues, however, rose 12 per cent to N16.75 billion as against N14.95 billion posted in a similar period of last year, while operating profit rose 254 per cent to N2.21 billion from N624.36 million a year earlier.

PZ Cussons Nigeria, is the Nigerian subsidiary of UK consumer goods giant, 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.