Don't Miss


Home   >   Business   >   Industries   >   Energy   >   Eterna Plc records 71% drop in revenue

Eterna Plc records 71% drop in revenue

By on September 4, 2014

Eterna Plc has released its financial statements for the half-year period ended June 30 2014, with the group’s revenue declining significantly.

The statements, which the group filed with the Nigerian Stock Exchange, showed its revenue plunged by 71 per cent or N33.877bn to N13.979bn from the N47.856bn it declared for the period ended June 30, 2013.

Eterna Plc also recorded a drop in its profit before tax.

According to the financial statements, the group’s gross profit for the period stands at N1.291bn, 10 per cent lower than the N1.443bn it posted for the corresponding period of last year.

Despite the drop in revenue and gross profit, Eterna Plc’s profit before tax and net profit were much higher than what it made in the same period of last year.

The group declared in the result that its PBT and net profit each rose by 48 per cent to N974.4m in the period ended June 30, 2014 from the N658.9m it declared as profit for the same period of 2013.

Based on the financial statements, which were obtained from the NSE’s website, in the review period, the group grew its shareholders’ funds by 15 per cent to N8.085bn from N7.042bn with its authorised share capital at N1.6bn.

The group’s basic earnings per share appreciated by 48 per cent to 75 kobo in the period under review from 51 kobo in the corresponding period of 2013, while its fully diluted earnings per share surged by 215 per cent to 75 kobo from 24 kobo in the period ended June 30, 2013.

Eterna Plc is listed in the petroleum and petroleum products sub-sector of the NSE’s oil and gas sector.

According to the NSE, it has a market capitalisation of N5.334bn with 1.304 billion shares outstanding.

The group topped the NSE’s equity gainers’ chart on Monday after its shares rose by 9.95 per cent or 37 kobo gain to close at N4.09 per share.

 

[Punch]