Nigerian energy firm Oando 9-mth pre-tax profit falls 44 pct

Fri Nov 15, 2013 7:45am EST
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article
[-] Text [+]

LAGOS Nov 15 (Reuters) - Nigerian energy firm Oando Plc

said on Friday that its nine month pre-tax profit fell 44 percent to 9.78 billion naira ($61.44 million), compared with 17.40 billion naira in the same period a year ago. The oil marketing and exploration company also said turnover declined to 386.25 billion naira during the nine months to September 30, from 487.76 billion naira last year.

Oando, whose core business is importing petroleum products, is trying to close a deal to buy ConocoPhillips' Nigerian crude oil fields in a $1.79 billion deal announced last year. It has issued shares to help finance it and received commitments worth $815 million from banks for loans towards it.