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Okomu Oil records 89% dip in third quarter profit

By Michael Eboh & Providence Obuh
Tough times await shareholders of Okomu Oil Palm Company Plc, in terms of returns on their investments, especially in the area of dividends and bonuses, as the company recorded a significant decline in its key financial indices for its third quarter fiscal year.

According to its interim report for the third quarter ended, September 30, 2009, presented to the Nigerian Stock Exchange (NSE), the company recorded a 24.32 per cent dip in its turnover, from N4.44 billion in the comparable period of 2008 to N3.36 billion in the period under review, profit before tax and after exceptional items of N463.4 million compared with N1.79 billion in 2008 and an exceptional item of N18.88 million compared with N4.6 million in 2008.It recorded a major decline in its  profit after tax, dropping by 89.03 per cent from N1.76 billion in 2008 to N192.9 million in 2009.


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