Forte Oil Plc. Q3 Result ended Sept. 2017: Profit after tax experienced a growth of 81.4%.

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.
  • 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.