In the first quarter of 2017, Japaul Oil and Maritime Services PLC said its net profit fell to NGN519 million compared to NGN1,2 billion posted for the same period in 2016.
Gross revenue came in short at NGN201 million versus NGN771 million reported for the same period in 2016.
Japaul might have carried out massive downsizing as administrative cost was cut down to NGN176 million compared to 2016 when it expended NGN738 million on the same item.
Total liabilities was NGN49 billion compared to total asset position which came in short at NGN29 billion. Japaul will need to raise fresh funds as the company is currently insolvent.
The NGN30 billion loan in its books would remain difficult to service should the company’s revenue for the next quarters continue to come lower than expected.
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