Downstream oil firm, Capital Oil Plc has released its nine month results for a period ended 30th September 2016 with a 99 percent increase in loss after tax at N43.5 million from N21.9 million reported for the same period of 2015.
The oil firm also reported a 28 percent decline in revenue at N650.1 million from N808.5 million in 2015, cost of sales declined by 21 percent to N594.4 million from N753.4 million as selling and distribution expenses reduced 52 percent to N21.4 million from 44.5 million.
Despite cost reduction as evident in salaries and wages that also dropped 39 percent to N18.1 million from N29.4 million and administrative and overhead cost 9 percent reduction to N74.1 million, from N81.6 million, the company recorded an operating loss of N57.9 million, 452 percent higher than N10.5 million reported as operating loss in 2015.
Other incomes from accrued rents and rent receivables was boosted by 35 percent to N2.2 million from N1.6 million, but finance income dropped to N720,000 from N750,000 while finance cost grew 20 percent to N14.6 million from N12.2 million.
Consequently, loss before tax shot up by 243 percent to N69.6 million from N20.3 million as earnings per share worsened to -N1.42 from N2.38 per share.
Capital Oil’s statement of financial position showed that shareholders fund depleted by 7 percent to N742.4 million for the nine month period under review, total assets were also down 3 percent from N1.678 billion to N1.635 billion recorded in 2015.
