PZ Cussons warns of 10 percent drop in half-year operating profit

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(Reuters) – Soap and shampoo maker PZ Cussons <PZC.L> said first-half operating profit was expected to fall 10 percent as reduced margins in its European and African businesses weighed on profitability.

The company, which sells brands such as Carex and Five:Am., said the performance in these two regions were expected to improve in the second half with new product launches and distribution expansion.

PZ Cussons’s business in Africa, which accounts for 43 percent of its total sales, has been hit by weak market condition in Nigeria stemming from the devaluation of Naira.

(Reporting by Rahul B in Bengaluru; Editing by Amrutha Gayathri)

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