Petroleum Africa
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Monday, November 18, 2013
Oando Plc saw its pre-tax profit drop 44% for the nine months ending September 31. The company posted 9.78 billion naira in the first three quarters of the year, compared to 17.40 billion nairas for the same period in 2012.
The company did not have much success in its turnover which declined to 386.25 billion naira during the period, a drop of 101.25 billion naira over the same period last year.
Oando recently issued shares to help finance its deal to buy ConocoPhillips’ assets in Nigeria.
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