Forte Oil records 7% profit growth in Q3 2015

WorldStage Newsonline-- Forte Oil Plc has released its financial results for the third quarter (Q3) period ended 30th September 2015 with 6.7 per cent growth in profit after tax to N4.284 billion from N4.015 billion in Q3 2014 in spite of a 25 per cent decline in revenue.

The result showed that profit before tax increased marginally by 1.6 per cent to N5.288 billion from N5.203 billion posted in the same period of 2014.

The revenue decline to N91.615 billion from N122.580 in 2014, a 25.3 per cent reduction, no thanks to operating expenses jump by 29.2 per cent to N10.063 billion from N7.788 billion.

Basic and diluted earnings per share however increased to N2.59 from N2.04 kobo a 26.96 per cent increase as the company’s last traded at N280 after a gain of N10 or 3.7 per cent from previous trading session.

Forte Oil Plc is listed on the main board of the Nigerian Stock Exchange under the Oil and Gas sector with market capitalization of N364.7 billion and 1.302 million shares outstanding