Chairman, Japaul Oil & Maritime Services Plc, Major General Omosebi (rtd), has explained that adjustments for depreciation and newly introduced policies for preparations of statutory financial reports were responsible for the drastic decline in the profit of the company in 2012.
According to him, while the turnover had increased and raised hopes of improved bottom-line in 2012, the company’s net profit was adversely affected by higher-than-expected depreciation and financing expenses.