Caverton offshore posts 96% profit growth for Q1

Caverton Offshore

Caverton offshore in its financial report recorded NGN5.1 billion revenue for first quarter 2017 compared to NGN4.4 billion recorded in the same period 2016.

Its operating expenses for the period was NGN3.4 billion against NGN2.9 billion posted in 2016.

The company said its operating profit increased to NGN1.6 billion compared to NGN1.5 billion recorded in 2016. While its administrative expenses was NGN920.3 million against NGN1.2 billion recorded in the previous year.

According to the report,the aviation company reported NGN355.3 million profit before tax against NGN208.7 million reported in 2016. After settling its tax for the period, its profit for the period increased by 96% NGN214.8 million compared to NGN109.5 million recorded in 2016.

Caverton offshore acquired NGN41.7 billion assets in the year in review against NGN39.2 billion recorded in the year before while its total liabilities was NGN28.3 billion versus NGN26.5 billion recorded in the year before.

For more details on the report, click here>>>

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