Profit fall 76 percent to 3.44 billion naira Article | May 23, 2012 – 1:46pm | By Reuters
Shares in Nigeria’s Oando fell to an 8-year low on Wednesday, after full year net profits at the energy firm declined 76 percent to 3.44 billion naira ($21.61 mln) in 2011, knocking its shares down the maximum allowed five percent.
Oando shares fell to 14.99 naira, a level last seen in 2004, according to Reuters data, and 28 percent down on its value at the start of the year.
The oil exploration and trading firm, which has a secondary listing in Johannesburg, said the company had experienced a “significant reduction” in gross margins on imported products during the year, due to product gluts and port delays.
It added that administrative and selling expenses, including foreign exchange losses, also hurt profits.
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