Caverton Offshore Support Group(COSG) declares its 2017 Q3 unaudited financial statement of September 2017 yesterday, 23rd of October 2017 on the floor of the Nigeria Bourse.
A leading multinational company in maritime, oil and gas and aviation logistics has declared a revenue of N14.8billion compare to (N14.45 billion)loss and a profit before tax of 1.9billion which represents a 216 per cent compare to the 1.04billion loss in 2016 Q3.
According to the statement,”We have been able to contain the administrative expenses during the period by about 61% arising majorly from the impact of the government intervention in stabilizing the foreign exchange rate market as well as consistent paying down of our loan which now resulted in our finance charge dropping by 8%”.
Consequently, the earnings per share increased to 36 kobo from a negative 31 kobo same period last year.
Reacting to the result, Mr Bode Makanjuola, CEO of COSG PLC, said COSG’s, as Nigeria gradually moves out of recession, we remain optimistic for an improved business operating environment. The impending commencement of our helicopter service contract for Chevron as well as the completion of our MRO in Lagos are just some of the positive developments we are looking forward to. Meanwhile we are doubling efforts to refocus our marine business strategy and are confident of positive results as we move into Q4. With the revenue increasing by 3% and profit after tax of 169% over 2016 Q3 result, we remain determined to ensure optimal use of the business resources.