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Oando Q1 2012 Net Income Slides 5% YoY

By on May 24, 2012

Oando Plc has released its Q1, 2012 results to the Nigerian Stock Exchange.

Revenue increased to N 158 billion, up 38% from the N 115 billion it made in Q1, 2011.

Production costs soared by 45%, topping N 143 billion over the quarter in contrast to the N 99 billion it required last year.

Profit before tax fell by 13% to N 4.9 billion from N 5.6 billion in Q1, 2011.

Net income also slid by 5,4% to N 3 billion from N 3.2 billion over the same period in 2011.

Analysts attribute the performance to a difficult operating environment caused by the January subsidy strikes and partial subsidy removal.