Rak Unity petroleum profit dropped by 69% in q2

Scoa

Rak Unity Petroleum plc said its profit for the second quarter of the year dropped by 69%to NGN9.2 million compared to NGN30.3 million recorded same quarter fiscal year 2016.

The Petroleum company said it ended the quarter with lower revenue of NGN1.8 billion in contrast to NGN2.9 billion it ended the previous year with while gross profit also lowered to NGN100.8 million from NGN180.4 million in the year before.

Total assets at the end of the period was NGN1.4 billion compared to NGN1.3 billion acquired in the year 2016 while total liabilities was NGN875.7 million versus NGN835.8 million in the fiscal year 2016.