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Forte Oil Plc released its 2014 Q1 results revenue rose 31% to N35.7billion (2013 Q1: N26.6billion). See highlights;
- Gross profit for the year was N4.6billion and a 72% increase (2013: N2.6billion)
- Operating profit also rose 114% to N1.4billion (2013: N682million)
- Pre-tax profits also rose 100% to N1.2billion (2013: N633million).
- Selling, General and Admin expenses as a percentage of gross profit faired better at 68.4% compared to 74.6% a year earlier.
- Debt to equity ratio was 63% an increase from the 60% a year earlier as debts increased by about N120million
- Return on equity was however 2.6% compared to 7% a year earlier.
This year looks profitable