Forte Oil reports 86% rise profit for Q2

forte oil

Forte Oil plc said its net profit rose by 86% to NGN4.1 billion in the second quarter 2017 compared to NGN2.2 billion reported in the same period 2016.

The group ended the quarter with lower revenue of NGN65.6 billion in contrast to NGN84.4 billion recorded in the previous year while gross profit was NGN12.1 billion against NGN12.3 billion in the year before.

Forte Oil plc recorded NGN146.2 billion total assets in the year under review against NGN140.7 billion in the year before while total liabilities was NGN99.1 billion versus NGN97.4 billion in the year before.

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