FO records PBT of N5.6 bn in nine months

Forte Oil Plc has recorded growth at the end of third quarter financial as its profit before tax grew to N5.633 billion at the end September this year. The amount represents an increase of N345 million or 6.5 per cent compared with N5.580 billion reported in the previous year.
The operating profit went up from N5.580 billion to N7.866 billion while gross profit which stood at N12.979 billion the corresponding period went to N15.495 billion.  The company revenue moved upward to N121.083 billion from N91.615 billion achieved in the preceding year. The total current assets rose from N57.046 billion to N64.356 billion while total non current advanced to N70.516 billion from N64.711 billion while total assets stood at N134.873 billion against N121.757 billion recorded in 2015
But profit for the period trend downward from N4,284 billion in 2015  to N2.796 billion within the period under review.