Japaul Oil Records N8billion Loss Before Tax

Japaul Oil & Maritime Services Plc has posted a loss- before tax of N7.899 billion for its financial year ended December 31, 2015.

The company, in repositioning from its loss position,  stated it would be proposing to its shareholders during the yearly meeting in June, capital raising either by way of rights, foreign investors, private placement among others.

Specifically, the loss -before -taxation jumped by 249.8 per cent to N7.899 billion from N2.258 billion in 2014, while the loss- after -tax also went up to N8.037 billion from N2.584 billion. The cost of sales declined to N5.92 billion from N6.37 billion.

In the same trend, the turnover for the period declined by 22.92 per cent to N8.149 billion from N10.572 billion in 2014. General and administrative cost went up by 81.8 per cent, rising from N3.5 billion in 2014 to N6.36 billion in the review period.