Conoil Plc has published its financial results for the nine month period ending 30th September, 2015 which showed a 42 per cent revenue decline to N60.2 billion from N104.2 billion in the corresponding period of 2014.
As profit before tax dropped 16 per cent to N1.8 billion from N2.1 billion a total of N1.2 billion was recorded as profit after tax, a 16 per cent decrease from N1.4 billion recorded in the same period of 2014.
Basic earnings per share dipped 16 per cent to N1.72 from N2.06 per share while net assets for the period appreciated 7.4 per cent from N16.1 billion to N17.3 billion.
The nine month result is actually an improvement, coming from 327 per cent loss after tax in the second quarter and 64 per cent profit decline in half year.
The company’s revenue in the second quarter ending 31st March, 2015 dropped 41 per cent to N22.4 billion from N37.6 billion for the same period of 2014.
The results further showed a 240 per cent decline in profit before tax to a negative position of N751.5 million in March 2015, from N535.13 billion gained in the same period of 2014, while profit after tax lost 327 per cent to a negative position of N827.8 million from N363.9 million posted in 2014.
Previous unaudited results filed at the Nigerian Stock Exchange by Conoil Plc for the period ending 30th June 2015 showed a 45 per cent revenue decline to N43.03 billion from N78.51 billion posted in the corresponding period of 2014.
Profit before tax for the period under review fell 64 per cent to N528.5 million from N1.5 billion recorded in the prior period while profit after tax plunged 64 per cent to N359.4 million in 2015 from N1.01 billion achieved in 2014.
Basic Earnings Per share likewise declined 64 per cent to 52 kobo from N1.46 recorded in the same period of 2014.
Total Assets dropped 3.3 per cent to N83.8 billion from N86.6 billion in 2014 while total liabilities declined 4.5 per cent to N67.3 billion from N70.5 billion in 2014.
The company’s stock is which traded in the Oil and Gas Sector of the NSE was priced at N27.41 as at November 4th, 2015.