SHOE STRING PAYS OFF FOR CAPITAL OIL PLC.

Capital Oil PLC ended year 2015 after all benefitting from shoe strings operations when compared to what obtained during its first quarter of the year analysed in a recent post.

According to the audited figures finally published this week, the tumble in core revenue continued but reduced growth in selling costs; hands on drive down of administration cost by 21.4% and more importantly, 79.3% decrease in finance costs to N16.7m helped greatly.

At least they ensured that 46.2%  drop in core income to N1132.7m did not lead to more losses.

They were aided by 48.9% decline in cost of sale to N968.7m;  84.5% rise in other income and 5.33% increase in finance income to N3.16m.

In the end, from 46% decrease in total income, Capital Oil reduced its loss by more than half to N56.2m compared to N113.2m in 2014.

This meant that from losing N5.70 on every N100 by first quarter, it ended the year losing N4.93. This equally compares favourably with N5.36 with which it ended 2014.

As a result, the fast drop recorded in working capital in the first quarter from N1192m to N378.5m slowed down to final N278.3m compared to N301.6m by the close of 2014.

CAPITAL OIL: Nm Full year
                         2015.           2014
Total income 1138.96       2110.88
Core revenue 1132.7.         2106.2
Cost of sale    968.7.         1895.8
Admin.            154.8.           196.9
Selling etc        54.9.             51.0
Other income   3.10.             1.68
Finance inc.     3.16.             3.00
Finance cost  16.7.             80.5
Profit b4 tax  (56.2).       (113.2)
Working capital 278.3.    301.6

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