1st November, 2013
ConOil Plc has recorded more than 400 per cent in its PAT, in the third quarter, according to the company’s report to the Nigerian Stock Exchange.
The company’s turnover increased from N114.7 billion to N121.8 billion. Although gross profit only increased by N500 million, the company was able to post a higher PAT by reducing its cost of finance from N2.9 billion up to September 2012, to N1.684b by September 2013. the company also cut administrative cost from N5.56 billion to N4.77 billion for the same period this year.
PAT thus ballooned from N487million last year September to N2.08 billion this year.