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Oando records N47.8bn loss in Q1 – Q3 of 2015

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Oando records N47.8bn loss in Q1 – Q3 of 2015

By Correspondent

OandoPLC has recorded a loss after tax of N47.8 billion, spanning the period ended September 30, 2015. This is against the backdrop of the historic loss after tax of N183.9 billion for the year ended December 31, 2014 and loss of N35.1 billion for the six months ended June 30, 2015.According to the unaudited results released by the Nigerian Stock Exchange (NSE), the company recorded a revenue drop from N101 billion in 2014 to N95.8 billion in 2015. Gross profit fell from N64 billion in 2014 to N41 billion in 2015. However, the company recorded impairment charges of N24 billion on its assets in 2015, as against none in the corresponding period of 2014.Commenting on unimpressive full year results of 2014, Oando had said the less than stellar numbers were symptomatic of the emergence of a new global oil order due to continuing crude price fluctuations.The Group Chief Executive of Oando, Mr. Wale Tinubu, reacting to published results said: “Our nation is experiencing change, as witnessed from the tone of redirection in the oil and gas industry, which will lead to improved accountability and operational efficacy in all governmental agencies in this sector.“The management team of the company hopes that Oando may reduce its losses in the near future and bounce back into profitability.”

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