By InvestAdvocate

Lagos (INVESTADVOCATE)- Oando Plc, operating on the Petroleum Marketing Sector of the Nigerian Stock Exchange (NSE) Wednesday posted a -5.4 percent (-5.4%) decrease in Profit After Tax (PAT) in its First Quarter (Q1) Report for the Period Ended March 31 2012.

Oando in its Q1 2012 Report declared a PAT of N3.026 billion compared to N3.198 billion in the same period of 2011; indicating a decrease of -5.4%.

Profit Before Tax (PBT) also declined from N5.697 billion in the Q1 of year 2011 compared to N4.987 billion in the review period of 2012; representing a decline of -12.5%.

Turnover however increased from N114.979 billion in the Q1 of 2011 compared to N158.604 billion in the same period of year 2012; showing an increase of 37.9%.

Similarly, Earning Per Share Kobo (EPS) also dropped from 191 Kobo in the First Quarter of year 2011 compared to 131 Kobo in the review period of 2012; indicating a drop of -31.4%.

This is coming on the heels of the release on Monday of the Firms Audited Report for the Period Ended December 31 2011 to the Nigeria’s Exchange as Oando posted a -76.0% decline in its PAT.

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%.

Also, PBT dipped from N24.318 billion in year 2010 end Compared to N13.928 billion in the review period of year 2011, showing a dip 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 on Wednesday May 23 2012, Oando was on the Losers Chart as it opened at a price of N15.77 and closed at N14.99; showing a Loss of -4.95%.

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.