Forte Oil records N5.073bn profi t in Q3

Forte Oil Plc has recorded a profi t of N5.073 billion for the nine months fi nancial year ended September 30, 2017.
Th e amount showed an increase of N2.277 billion or 81.44 per cent compared with N2.
796 billion reported December 31, 2017.
Th e result the company submitted to Nigerian Stock Exchange showed that profi t before tax fell from N5.633 billion recorded in December last year to N5.585 billion at the end of October this year, representing a drop of N48 million or 0.85 per cent.
Th e company gross profit grew from N15.495 billion in December to N16.908 billion within the period under review while operating profit increased to N9.706 billion from N7.866 billion.
An analysis of the financial result in the third quarter of this year indicated that fi nance income went up from N1.275 billion to N1.509 billion, indicating a growth of N234. 0 million or 18.35 per cent.
Non current assets of the company declined from N71.493 billion to N68.314 billion , showing a drop of N3.179 billion or 4.45 per cent, the current assets which stood at N69.263 billion on December last year to N79.849 billion bringing the total assets to N148.163 billion from N140.756 billion.
Non current Liabilities down from N28.013 billion in December 2016 to N26.136 billion.
Current Liabilities which stood at N69.409 billion in the preceding period went to N76.281 billion, bringing total liabilities to N102.417 billion from N97.422 billion.
Earning per share declined from 2.27 kobo to N0.50 kobo.

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