Caverton Post N2.42bn Half-year Loss

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Caverton Offshore Support Group Plc, provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria, has reported a loss of N2.422 billion for the half year ended June 30, 2016, compared with a profit of N1.093billion in 2015.

The company had sent a profit warning saying it would report lower earnings for the half year of 2016. According to the company, the lower earnings were being envisaged largely due to the unavoidable impact of the recent Naira devaluation, which took place within the second quarter of the year.

It said the impact of the recent devaluation of Naira by the Central Bank of Nigeria (CBN) was expected to result in unrealised foreign translation loss arising largely from the groups dollar denominated borrowing used to finance core assets in both its Helicopter and Marine businesses.

The result showed a revenue of N9.143billion in 2016, down from N11.908billion in 2015. Gross profit stood at N3.091billion, down from N5.114billion. Earnings before interest and tax was negative N1.624 billion, compared with a positive N2.582 billion. Caverton ended the period with loss after tax of N2.432 billion, as against a profit of N1.093 billion.

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