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Home   >   Market - Finance   >   Q1 2012: Forte Oil Earnings Down 10%, Net Income up 15% to N 304 million

Q1 2012: Forte Oil Earnings Down 10%, Net Income up 15% to N 304 million

By on May 30, 2012

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.