1 Min Read |
(Reuters) – Soaps and cosmetics maker PZ Cussons Plc said on Wednesday consumer disposable income at its largest Nigeria market remained subdued ahead of elections in the country, with prices, volumes and margins remaining under pressure.
Macroeconomic conditions have plagued the Imperial Leather brand owner in Nigeria as a lack of liquidity at both consumer and trade levels was shrinking the market for its products, the company said.
However, PZ Cussons said results were in line with its expectations in the first quarter ended Aug. 31, with higher demand in Europe and Asia offsetting challenging trading conditions in the African country.
Written by Shariq Khan and Justin George Varghese in Bengaluru; Editing by Gopakumar Warrier