Africa Business Communities
Conoil Posts N359.41million Profits for First Half 2015

Conoil Posts N359.41million Profits for First Half 2015

Indigenous oil company, Conoil Nigeria plc has posted N359.41 million profit in the first six months of 2015 even as fuel marketers in Africa’s largest economy continue to struggle with unpaid government debts.

Conoil finance costs surged 116.16 per cent to N1.90 billion in June 2015 as against N882.36 million.

Debt to equity ratio which measure how much of a company’s balance sheets are funded by lenders money was 107.41 percent in the review period though lower than 123.78 percent recorded last year.

Profit before tax (PBT) reduced by 64.47 percent to N528.54 million in June 2015 as against N1.48 billion in June 2014.Cost of sales reduced by 45.88 percent to N38.24 billion in June 2015 compared with N70.67 billion the previous year.

Operating expenses dropped by 9.61 per cent to N4.98 billion in June 2015 as against N5.51 billion last year.

www.bizwatchnigeria.ng

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