Forte Oil grows profit by 128.9% as cost of sales improves in Q1

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Forte Oil Plc has recorded 128.9 per cent increase in its profit after tax (PAT), for the first quarter ended March 31, 2017, Vanguard reports.

The Q1 financial result of the company for the period released on the floor of the Nigerian Stock Exchange (NSE), showed that the PAT rose to N1.88 billion in Q1, 2017 compared to N954.24 million achieved in the equivalent period in 2016.

Similarly, the profit before tax (PBT), increased by 57.5 per cent from N1.30 billion in 2016 to N2.05 billion in 2017.