Oando records n47 8bn loss in q1 q3 of 2015
It appears that Oando Plc, a Nigerian oil and gas company, recorded a significant loss in the first quarter (Q1) and third quarter (Q3) of 2015.
According to reports, Oando Plc recorded a loss of N47.8 billion in the first quarter of 2015, which was a significant decline from the N2.4 billion profit it recorded in the same period of the previous year.
The company attributed the loss to a combination of factors, including a decline in crude oil prices, increased operating expenses, and a significant impairment charge on its assets.
In the third quarter of 2015, Oando Plc's loss further deepened to N64.4 billion, which was a significant increase from the N47.8 billion loss recorded in the first quarter of the year.
The company's financial performance was severely impacted by the decline in crude oil prices, which had a significant impact on its revenue and profitability. The company's revenue declined by 34% to N143.4 billion in the first quarter of 2015, compared to N218.4 billion in the same period of the previous year.
Oando Plc's financial performance in 2015 was also impacted by a significant impairment charge on its assets, which was a result of the decline in crude oil prices and the company's inability to recover its investment in some of its assets.
The company's financial performance in 2015 was a significant departure from its previous years' performance, and it highlighted the challenges faced by the Nigerian oil and gas industry as a result of the decline in crude oil prices.