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NEWSLETTEROIL & GAS

Capital Oil Cuts Losses by 53% in One Year

 

Indigenous oil firm, Capital Oil Plc has reported a loss of N61.9 million loss for the financial year ended December 31, 2015, a 52.8 percent reduction from N131.2 million losses in the 2014 financial year.

The company’s revenue dipped by 46.2 percent from N2.1 billion in 2014 to N1.13 billion in 2015 while cost of sales also declined by 49 per cent to N968.7 million from N1.9 billion to leverage 22.1 percent drop in gross profit from N210 million recorded in 2014 to N164 million in 2015.

Capital Oil, which listed on Nigerian Stock Exchange, NSE, Alternative Securities Market, ASeM, recorded a15.4 percent decline in total operating expenses from N247 million to N209 million while other income that rose by 85.3 percent to N3 million from N1.68 million recorded in prior year results.

It also reported a significant drop in finance charge by 79.2 percent to N16.7 million as against N80.5 billion in 2014 while total assets dropped by 3.2 per cent from N1.7 billion to N1.6 billion in 2015.

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