Japaul reports N1.051bn loss after tax in Q1’16

In the first-quarter (Q1) period to March 31, 2016, Japaul Oil and Maritime Services plc reported a Loss After Tax of N1.051billion, higher than N557.894million Loss After Tax the company recorded in the corresponding first-quarter period ended March 31, 2015.

Japaul Oil and Maritime Services Plc services include: offshore vessels owning and chartering; dredging and reclamation works; downstream petroleum marketing; pipeline/flowline constructions and repairs; infrastructural development; mining; engineering, procurement, installation and commissioning (EPIC); and marine logistics/equipment fabrication, leasing and repairs.

Japaul Oil and Maritime Services Plc unaudited management account for the first-quarter period ended March 31, 2016 released to investors at the Nigerian Stock Exchange shows that its turnover declined remarkably to N785.961million from a high of N3.108billion in Q1’15.

The analysis of turnover by business unit shows that Japaul Dredging earned N5.420million against N151.793million in Q1’15; Japaul Offshore earned N614.974million against N2.470billion in Q1’15; Japaul Quarry revenue stood at N165.567million against N308.207million in Q1’15; while Japaul International earned nothing against N178.532million it earned in Q1’15.

Japaul Oil & Maritime Services Plc was incorporated on 29 June 1994 as a private limited liability company and commenced business in January 1997. The company is in the business of oil and maritime services. It is listed on the Nigerian Stock Exchange (NSE).

A further look at Japaul Group statement of comprehensive income for the period under review revealed gross profit dropped to N14.810million from N1.024billion in Q1’15.

Finance charges decreased to N277.065million from N309.872million; general and administrative cost declined to N738.802million from N1.230billion; while the group’s lease interest rose to N98.202million from N90.060million.