Capital Oil Plc has reported a loss of N61.85 million for the financial year ended December 31, 2015, as a result of weak revenue.
The petroleum products distributing company had declared a N131.2 million in prior full year, an indication that shows continued deteriorating results, Leadership reports.
Capital Oil revenue fell by 46.2 per cent 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 per cent drop in gross profit from N210 million to N210 million recorded in 2014.
The company that is listed on the Alternative Securities Market (ASeM) of the Nigerian Stock Exchange (NSE) reported 15.4 per cent decline in total operating expenses from N247 million to N209 million.
The management performed impressively in other income that rose by 85.3 per cent to N3 million from N1.68 million recorded in prior year results.
Capital Oil reported that its finance charge significantly dropped by 79.2 per cent to N16.7 million in 2015 as against N80.5 billion in 2014.
However, the company’s total assets dipped by 3.2 per cent from N1.7 billion to N1.6 billion in 2015.
In 2013, Capital Oil sought the concessions of the Nigerian Stock Exchange (NSE) on restructuring its operations to enhance productivity and corporate governance. The restructuring was aimed at ensuring that the ailing company are able to sustain its listing requirements, which include timely periodic rendition of earnings reports to investors.
The company share price trades at its nominal value of 50 kobo as at September 9, 2016 and has been stagnant on the same price in the last 52 weeks or one year. The company rewarded its shareholders last in 2001 and has an earnings per share of 0.04 kobo