Eterna Oil and Gas Plc records 292% profit drop.
November 21st, 2007 Ogbuotobo Chuks || chuks@stockmarketnigeria.com
By Ogbuotobo Chuks
The exchange was a beehive of activities yesterday, especially with the continued rally of share prices in the insurance sector. Also Eterna Oil and Gas plc together with Equity Assurance plc released their quaterly results for their 3rd quarters repectively.
Eterna Oil released their result for the period ended September 30, 2007. In the highlights of the result,turnover for the period increased by 131 percent, from N1.90 billion in 2006 to N4.40 billion in 2007. Contrary to expectations, the company had a drop in profit from N0.40 billion in 2006 to N0.07 billion in 2007. This translates to a drop margin of about 292.50 percent.
Profit after tax was no better as the company dropped this figure by 275 percent, from N0.028 billion in 2006 to N0.05 billion in 2007. Investors have already started reacting to the results as the share price dropped yesterday and is expected to continue further in the days ahead.
Equity Assurance plc on the other hand did impressively well in their 3rd quarter ended September 30, 2007.In the result released by the company, turnover for the period soared by 431 percent, from N0.23 billion in 2006 to N1.20 billion in 2007.
Profit before tax was northward bound, as the company increased from N0.05 billion in 2006 to N0.17 billion in 2007, an increase of about 260 percent. profit after tax was better as the company grew this figure by 308 percent, from N0.04 billion in 2006 to N0.15 billion in 2007. As expected, the stock is already in high demand and is expected to continue its persent rally in the weeks ahead.
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