In another sign of the squeeze on petroleum marketers, Eterna oil has reported N66.5million in losses in the Half Year period to June 2020, as sales slumped by 81 percent.
The firm reported revenues of N28.5 billion for the period (Jan-Jun 2020), compared to N155.7 billion in the earlier period in 2019.
Higher selling and distribution expenses compared to 2019 and Foreign Exchange (FX) losses of N376 million meant operating profit fell by 14.2 percent to N682 million.
Total borrowings rose to N9.6 billion for the period from N9 billion leading to finance costs of N621 million.
Eterna Oil closed trading at N2 per share on the Nigerian Stock Exchange (NSE). The shares have returned -32 percent in the past year.