Naira devaluation: Caverton Offshore Support Group issues profit warning
As Nigeria economy continued to battled naira devaluation, Caverton Offshore Support Group Plc has warned investors that its profit for the half year ended June, 2016 would drop as the company recorded huge losses arising largely from dollar dominated borrowing.
The leading provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria, thus assured shareholders of diversifying and increasing revenue streams.
The company also said its improving profitability through expansion into higher margin offshore service offerings.
The company in a statement to The Nigerian Stock Exchange (NSE), said, “We expect to report materially lower earnings for the period ending June 30, 2016 largely due to the unavoidable impact of the recent Naira devaluation which took place within the second quarter of the year.
“The impact of the recent Naira devaluation by the Central Bank of Nigeria is expected to result in unrealized foreign translation loss arising largely from the groups’ dollar denominated borrowing used to finance core assets in both its Helicopter and Marine businesses.
“We continue to focus our efforts on diversifying and increasing our revenue streams and also improving our profitability through expansion into higher margin offshore service offerings.
“Management is confident that its ongoing initiatives and investment across its value chain will provide improved future performance, positioning it for long term success,” the statement added.
The company’s share price remained flat at N1.46 on the Exchange.
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