In the recent Forte Oil Plc unaudited Q3 ended September 30th 2017 report, revenue fell by 20%.
Net income came in higher by 81.4% against comparable period of 2016. It was essentially due to an 82% reduction in tax paid.
Highlights:
- Decline in Revenue was significantly impacted due to a 41% reduction in its Fuels business, which involves sales & distribution of petroleum products and ATK to its clients.
- Cost of sales and Distribution expenses both went down by 24.3% and 57% respectively.
- Pre-tax profit weakened by 0.8% due to the 84.5% expansion in net finance cost.
- However, Profit after tax received a boost, experiencing a growth of 81.4%. This occurred as a result of an 82% dip in tax paid.
- Q3 2017 EPS stood at 50K compared to ₦2.27k the previous year representing a 78% decline, despite the huge increase in PAT. This occurred as 87.1% from the total profit realized was returned to non-controlling interest holders.
- Shareholders’ fund grew by 5.57%.
Kindly find in the link the Corporate Brief of the firm.
