Eterna Plc, a company quoted in the oil and gas sector of the Nigerian Stock Exchange has recorded improved activities for the year ended December 2011.

The company recorded a gross profit of N2.4bn in the year under focus, compared to N1.5bn recorded the previous year.

Similarly, its operating revenues increased by over 190 per cent in the year under consideration.

Speaking during its Annual General Meeting in Lagos on Tuesday, the Chaiman, Eterna, Mr. Fola Adeola, noted that the board was pleased with the performance of the company in the year under review adding that the performance turned out to be considerably more robust than was expected.

He said, “We are delighted with what your company has achieved so far and we are sure that the years ahead will be rewarding for shareholders. We have moved from a loss position to profitability, that is a sign that something good is ahead for our company. We urge you to continue the good work so that you can reward shareholders patience in the last few years.”

“There is no doubt that we were confronted with real challenges in the course of the year. However, we became more innovative in the face of those challenges, in a bid to ensure that shareholder value was enhanced.

“We achieved consolidated operating revenues of N41bn representing overall percentage growth of 190 per cent compared with the N14.1bn operating revenues achieved in 2010 financial year, and our gross profit of N2.4bn showed a growth of 57 per cent compared to the gross profit of N1.5bn achieved in 2010.”

Adeola added that the company had significantly reduced its interest expenses on loans by over 60 per cent. “The reduction in interest cost, which adversely affected profitability in the previous years, was directly attributable to the success recorded from substantial payments, as well as restructuring of existing loans into better repayment and pricing terms.”

Source: Punch (written by Udeme Ekwere)