Seplat released its 2014 Half year results showing a revenue of $388million (N64billion). Revenue thus dropped 7% when compared to the $419m posted in the same period in 2013.
Pre-tax profits for the period was $155million compared to $210million posted a year earlier. Earnings per share was $0.33 compared to $0.65 posted a year earlier. The earnings per share drop was a significant 50% by my calculations. It appears the drop in revenue and rise in operating expenses contributed in no small measure to the drop in earnings per share.
The result also represents a return on equity of 11% for the first half of the year. ROE was a whopping 75% in 2013 Full year.
Seplat also reported current borrowings of $280million and long term loans of $348million a combined loan of $628million compared to its equity of $1.3billion dollars.
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