Femi Otedola’s Forte Oil Declares N 15 billion Loss in 2011 Earnings
Forte Oil, formerly known as African Petroleum, has declared a loss of N 15.5 billion in its 2011 audited earnings.
The company which was involved in the fuel subsidy controversy earlier this year saw Revenue decline by 12% to N 116.9 billion from N 132 billion in 2010.
The company recorded exceptional items on its 2011 balance sheet which grew 135% from a loss of N 4.8 billion last year to a loss of N 11.3 billion this year.
Profit before tax also fell 532% to a loss of N 17.9 billion from a loss of N 2.8 billion in 2010.
Net Income fell just as hard, declining by 467% to a loss of N 15.5 billion from a loss of N 2.7 billion in 2010.
-
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
