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Johannesburg - Oil and gas company SacOil Holdings [JSE:SCL]
posted a headline loss of 6.16 cents per share for the year ending February 28,
down from last year's earnings of 0.95c per share, the company reported on
Tuesday.
Revenue was R35.1, up from R31.7m last year, but corporate
costs bit off huge chunks of it, leaving SacOil with a R29.8m loss. No
dividends were declared.
Sacoil blamed the decrease in profit on increased costs to
maintain and upgrade its Greenhills manganese processing plant in Mpumalanga.
It said that the plant was not considered a core asset and would probably be
disposed of shortly.
It incurred corporate costs of R24.7m to restructure its
investment in the Democratic Republic of Congo, buy oil processing licences in
Nigeria, raise R133m in equity, and list on the AIM market of the London Stock
Exchange.
"SacOil's assets are in all phases of the upstream cycle - exploration, appraisal and near production - and are currently in the DRC and Nigeria. The board continues to seek other opportunities that have the potential to add value to the group," it said.
