Q1 2012: Forte Oil Earnings Down 10%, Net Income up 15% to N 304 million
Forte Oil, formerly known as African Petroleum has released its first quarter financial results to the Nigerian Stock Exchange.
Sales were down 10% to N 24.7 billion, from N 27.6 billion at the end of Q1, 2011.
Profit before tax came in at N 396 million, up 26% from N 315 million recorded over the corresponding period in the previous year.
Increase in profitability can be attributed to cuts in expenditure reflecting prudent management. Net Finance costs also came in lower.
Net Income for the period was N 304 million, up 16% from N 262 million at the end of Q1, 2011.
The company improved its cash position by 192% to N 9.4 billion from N 3.2 billion over the same period last year.
-
FCMB Bank (UK) Limited Launches Personal and Business Banking Proposition to Deepen InclusivenessFCMB Bank (UK) Limited, an independently incorporated subsidiary of...
- August 1, 2018
-
The Worrisome Trend of Sensational Social Media “Journalism” and the Impact On Legitimate Business Concerns: Recent Travails of FCMB, GTBank and First BankOn June 25, 2018 I woke up to yet...
- June 26, 2018
-
Azman Air commences flight operation in SokotoAzman Air Thursday commenced flight operation to Sokoto state....
- February 21, 2015
-
NRC increases Lagos goods trains, eyes fuel haulageThe Nigerian Railway Corporation says it has increased its...
- June 23, 2016
