PZ Cussons Nigeria Plc, makers of a wide range consumer goods, including Nutritionals such as Nuhu and Olympic milk brands on Thursday reported a net loss of N289m in its half-year results (June – Nov 2016). In the same period a year ago, the company recorded N780m in profit.

The company blamed the loss on unrealized foreign exchange loss of N4.9bn mostly incurred in the first quarter (June – Aug 2016) when the Central Bank of Nigeria allowed the naira to float leading to a significant loss of the currency’s value by as much as 40%.