Oando’s 9-month pre-tax profit falls to N9.78billion

Oil marketing and exploration company, Oando Plc says its nine-month pre-tax profit fell 44 per cent to N9.78 billion ($61.44 million), compared with N17.40 billion in the same period a year ago.

The company also said, in a statement on Friday, that turnover declined to N386.25 billion during the nine months to September 30, from N487.76 billion last year.

Oando, whose core business is importing petroleum products, is trying to close a deal to buy ConocoPhillips’ Nigerian crude oil fields in a $1.79 billion deal announced last year.

It has issued shares to help finance it and received commitments worth $815 million from banks for loans towards it.

[Telegraph Nigeria]

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