Directors of petroleum products marketing company- Capital Oil Plc, on Tuesday presented its audited 2016 financial year score-card, showing that loss after tax rose by 450.11%, compared to previous year’s numbers, just as sales revenue dropped by 25.8%.
According to the result, revenue fell by N278.401m to N840.383m from previous year’s N1.132bn, the third successive decline since 2013 when it peaked at N2.967bn; while cost of sales dropped to N731.744m from N968.707m, representing a N236.963m or 24.46%; resulting in gross profit of N108.639m, down from N164.015m.
Administrative expenses jumped to N434.8m from N154.821m, an increase of about N279.979m or 180.84m, out of which allowances for asset impairment stood at N284.503m, as against the previous year’s N20.312m; selling and distribution expenses climbed from N54.89m, up by N29.896m or 54.46%. Other income soared by N30.427m or 980.25% to N33.531m, bringing operating loss to N317.623m, up by N275.032m or 645.75% from N42.591m in the 2015 full year.
Finance income stood at N800,000 as against N3.16m; finance cost increased to N20.113m from N16.721m; loss before tax stood at N336.936m from N56.153m; even as income tax expense dropped to N3.315m from N5.698m.
After tax loss rose to N340.252m, representing Loss Per Share of 12 kobo; from N61.851m or 3 kobo, representing an increase of about N278.401m or 450.11%, compared to N475.53m loss in 2013, compared to a profit of N36.427m in the preceding year.
