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Mobil Oil reported an 8.8% increase in 2014 second half profits of N42.billion compared to N38.7billion in 2013. Gross profit rose 17% to N5.6billion (2014 H1: N4.7billion). Operating profit also rose 38% to N1.9billion compared to N1.4billion recorded in the same period in 2013. Pre tax profit blew out 151% to N6.1billion as the company’s income from other operating income rose to N4billion.
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The land mark increased in profit was from other operating income from 1.04b to 4b which is outside the core business.I remain sceptical on the sustainability of this trend .
True but operating profit still rose 38% to N1.9billion showing how strong the organic business however. However, on a QoQ basis profits did drop 70%.