By Peter OBIORA InvestAdvocate

Lagos (INVESTADVOCATE)-Oando Plc, Operating on the Petroleum Marketing Sector of the Nigerian Stock Exchange (NSE) Monday declared a 76.0 percent (-76.0%) decline in its Profit After Tax (PAT) in its Audited Report for the Period Ended December 31 2011.

To record the decline, the Firm posted a PAT of N3.446 billion in year 2011 end compared to N14.374 billion in year 2010 end; indicating a decrease in Profit After Tax of 76.0%.

Profit Before Tax (PBT) also declined from N24.318 billion in year 2010 end Compared to N13.928 billion in the review period of year 2011, representing a decline of 38.6%.

While Turnover increased from N378.925 billion in the Audited Period of Year 2010 compared to N586.619 billion in the review period of year 2011 end; showing an increase of 54.8%.

As at the close of business today Monday May 21 2012, Oando was on the Losers Chart as it opened at a price of N16.71 and closed at N16.60; showing a Loss of -0.66%.

As earlier reported by www.investadvocateng.com, the Council of the Nigeria’s Exchange on March 01 2011, made public through a Press Release the approval of Oando Petroleum Marketing Plc’s offer for Sale of 171.500 million ordinary Shares of 50 kobo each at a price to be determined through Book Building.

The Nigeria’s Exchange affirmed that a total of 137.200 million Ordinary Shares of 50 kobo each (representing 80 per cent) of the total will be offered to Qualified Institutional and High Networth Investors, while 34.300 million shares (representing 20 per cent) Ordinary Shares of 50 kobo each will be offered to retail investors at the price determined by the Book Building.

The plan was that Oando Marketing Limited, which is  a subsidiary of Oando Group Plc, would be listed as on the Exchange as a separate company.