PZ Cussons Nigeria Plc, makers of a wide range of consumer products including Nuhu and Olympic milk brands, on Tuesday reported a net loss of N1.6bn in its first quarter results for periods June – August 31, 2016.

The company attributes the loss to a foreign exchange loss of N4.7bn it incurred following naira devaluation in June which erased the group’s N2.2bn operating profit.

Despite the FX loss, the group recorded a 12% revenue growth to N16.8bn, from N15bn it posted in the same period a year ago.

The UK parent company PZ Cussons Plc, said in a Pre-AGM released statement that there has been some improvement in FX liquidity in Nigeria following the 40% naira devaluation in June, although the currency has continued to weaken on both the interbank and secondary markets.

It further said that performance across its diverse product lines in the country including food and nutrition “has been robust in the period. The group’s diverse brand portfolio with product offerings at all price points is working well in an environment where the consumer is under significant pressure,” it said.