MRS Oil Nigeria posts N228m loss despite revenue growth

MRS Oil Nigeria Plc has posted a loss before tax of N227.89 million for the second quarter of the 2021 financial year, compared with a profit before tax of N725.99 million in the same period of 2020.

The company reported a loss after tax of N227.89 million, compared to a profit after tax of N725.99 million in Q2 2020.

Its revenue, however, rose to N19.34 billion from N5.91 billion in Q2 2020, according to its unaudited financial statements released on Thursday.

Its cost of sales surged to N18.03 billion from N5.26 billion while its administrative expenses jumped to N1.24 billion from N267.02 million.