Oando records N54.35bn loss in Q3 results

A leading indigenous oil and gas company, Oando Plc, has posted a loss of N54.35billion for the third quarter 2016. This is contained in an unaudited results dated 30 September, 2016, and made available on its website.

Having recoded a sales revenue of N227.8billion for the period, which represented 69.1 per cent increase when compared with same result of September 2015 when it recorded N134.7 billion as revenue.

It also recorded N87.5 bil

However, the company gained N33billion in income tax credit which reduced its losses to N54,35bn.

The tax credit represented 415per cent rise when compared with N37.72billion loss it recorded in September 2015.

Oando Plc has struggled recently, especially after the landmark acquisition of ConocoPhillips’ assets worth $1.5billion in 2014.

The company, which is listed both in the Nigeria Stock Exchange and Johannesburg Stock Exchange, closed at N5.20 per share and R40 per share as at Friday.