Oando records fall in half-year profit

Oil firm, Oando PLC’s pre-tax profits for the half year to June, fell 20 percent to $67 million, compared to the same period last year.

The firm blamed the drop in profits on lower sales of Premium Motor Spirit (PMS) due to the two-week strike against the withdrawal of fuel subsidy in January.

However, the oil marketing and exploration company achieved a turnover of $2.3 billion in the first half, up from $1.87 million for the same period under review.