Capital oil reports N61.85m loss
As a result of weak revenue, Capital Oil Plc has reported a loss of N61.85 million for the financial year ended December 31, 2015.
The petroleum products distributing company had reported a N131.2 million in prior full year, an indication that shows continued deteriorating results.
Capital Oil revenue dropped by 46.2 per cent from N2.1 billion in 2014 to N1.13 billion in 2015 while cost of sales also declined by 49 per cent to N968.7 million from N1.9 billion to leverage 22.1 per cent drop in gross profit from N210 million to N210 million recorded in 2014.
The company that is listed on the Alternative Securities Market (ASeM) of the Nigerian Stock Exchange (NSE) reported 15.4 per cent decline in total operating expenses from N247 million to N209 million.
The management performed impressively in other income that rose by 85.3 per cent to N3 million from N1.68 million recorded in prior year results.
Capital Oil reported that its finance charge significantly dropped by 79.2 per cent to N16.7 million in 2015 as against N80.5 billion in 2014.
However, the company’s total assets dropped by 3.2 per cent from N1.7 billion to N1.6 billion in 2015.
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