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WILL the shareholders of PZ Cussons Plc be able to smile more broadly when financial year 2012 ends by May this year? Will the figures of the year be better than the 2011 ones or worse? Will the recent one week plus nationwide strike end up boring a hole in the company's fortunes?

One thing is obvious not only to PZ Cussons. That one week plus was a time there was no production, no sales; no inflow of cash from past sales yet workers are still going to be paid their full take home for the month, taxes due to government either from payee or in relation to excise and custom duties will also have to be paid. All of that will affect profitability one way or the other but how far will now become a personal thing to each company, in line with recent corporate focus since the strike.

ONE of the companies that may have to pay early prices for the subsidy removal protest is certainly Poly Products PLC. Unfortunately, for the company its financial year ends on March and so, the strike took place well into its fourth quarter. Yet, by the second quarter, the indications were that Poly Products was cruising home with higher returns on average N100 sale despite pressures from its administration, selling and distribution costs.

According to the half year figures to September 2011 released to the market much earlier, the company's turnover was growing well. It had risen by 23.5 per cent to N1384m from N1121m reported by the first of the previous financial year.

IF you one of those expecting very good news to emanate from Resort Savings &Loans PLC by the end of this financial year, do not be surprised that it may not great celebration all the way. Sure, the drums seem set to be rolled out to celebrate but it may still wise for the Board of Directors not to let this translate fully into proportionately higher dividend. That is where the comma seems set to punctuate the year's possible joy.

All these, of course, are based on the company's figures to September released not too long ago to the stock market. According to the interim results, a combination of different factors acting positively had so far, made available N148.1m in distributable profit compared to only N2.02m by the same time in 2010. This resulted from equally impressive in profit before tax to N211.5m.

Three major factors were responsible for this. Firstly, the company's gross earnings was 24.9 per cent up by September at N945.9m from N757.3m previously. Secondly, the decrease in cost of funds that majority of companies enjoyed this year, chipped its own helping hand. This was because the interest payable by Resort Savings dropped by 28.1 per cent to N62.9m from N87.5m.

Lastly, even operating costs pressure grudgingly handed in its own bit. This was because by September,the growth recorded was 19.3 per cent. That is it grew from N563.1m to N671.5m; well behind the increase recorded in earnings.

ONE of the companies that may have to pay early prices for the subsidy removal protest is certainly Poly Products PLC. Unfortunately, for the company its financial ends on March and so, the strike took place well into its fourth quarter. Yet, by the second quarter, the indications were that Poly Products was cruising home with higher returns on average N100 sale despite pressures from its administration, selling and distribution costs.

According to the half year figures to September 2011 released to the market much earlier, the company's turnover was growing well. It has risen by 23.5 per cent to N1384m from N1121m reported by the first of the previous financial year.

IT looks like the shoes which Dr Odumodu left behind not too long ago at May & Baker Nigeria PLc is fitting well although not without stresses. Or so, the company's interim figures to September indicate rather clearly.

According to the figures released recently, May & Baker turnover is growing by 9.06 per cent and by September stood at N3250m; that is, 9.06 per cent up on N2980m at the same time in 2010 financial year. This growth may not be one to be celebrated given the fact that in today's Nigeria, most companies are not having problems growing turnover; it is doing this profitably that has become the litmus test for all.

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