Eterna Oil and gas out with 2007 year-end audited results.
May 12th, 2008 Tunde Brown || tunde.brown@stockmarketnigeria.com
By Tunde Brown
Penultimate week on the floor of the Nigerian Stock Exchange, Eterna Oil and Gas Plc released its audited results for the year ended 31st December 2007. The stock that has had a dramatic pattern of price gain and loss in the past few months in a sub-sector that has come under serious scrutiny by the NSE and SEC in recent times, incurred a loss in the period though improving its turnover.
Details of the company’s results show a 39.89 per cent increase in turnover from N3.51bn in 2005/6 to N4.91bn in 2006/7. However, a loss of N135.5m was incurred in 2006/7 as against a profit of N27.91m in 2005/6, representing a 585.49 per cent decline. The loss notwithstanding, the board of directors has declared a bonus of one ordinary share for every five held by shareholders on the register as at the 28th of May 2008.
A cursory look at the share price performance this year, reveal that the company has achieved a high of N52.12k so far, featuring in its lowest ebb at N16.00.
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