4 JULY 2016-Oando Plc, earnings are back in black showing a profit after tax of N4.1 billion. The earnings reported is for the three months period ended 31 March, 2016.
Group Chief Executive Officer, Mr. Wale Tinubu, in a statement said the first quarter of 2016 demonstrates the company’s dedication to return the business to profitability by the end of the 2016.
“We have implemented constructive corporate initiatives which are driving forces for our business in this new global reality of economic restraint and lower oil prices in our industry. ‘’The successful and ongoing implementation of these initiatives reiterates our strategy of Growth, Deleverage and a return to Profitability by the end of 2016,” he said.
The result is reported late because of what the company says is an “exhaustive audit process” overseen by external auditors, Ernst & Young, and extension approvals sought and received by Oando from the Securities and Exchange Commission, SEC, and the Financial Reporting Council, FRC.
