Modupe Gbadeyanka
One of the companies reported to have received fresh funds from US-based private equity firm, Milost Global, Japaul Oil Plc, on Monday released its financial statements for the period ended March 31, 2018.
The company, in the results, recorded a weak performance despite the announcement of $350 million to be injected into it early this year, which was aimed to boost its returns.
An analysis of the financial statements by Business Post showed that Japual Oil achieved a loss after tax of N3.2 billion against the N519.7 million loss posted in the first quarter of last year.
In the period under review, the company’s total turnover reduced to N108.8 million from N221.9 million in the first quarter of 2017.
Also, the N20.4 million gross profit achieved in Q1 2017 closed at N36.2 million loss this year just at the firm declared an operating loss of N2.3 billion as at March 31, 2018 versus N73.8 million loss as in March 31, 2017.
During the first three months of this year, Japaul Oil said its administrative cost gulped N2.3 billion in contrast to N176.9 million in the first three months of last year, while its other income declined to N15.4 million from N82.7 million.
This poor results come after the company posted a weak performance for the 2017 business year.
View the Q1 2018 financial statements here.
