Conoil H1 Pretax Profit Falls 64%

Nigerian fuel retailer Conoil said on Tuesday its first-half pretax profit dropped 64.3 percent to 528.54 million naira compared with 1.48 billion naira the previous year.

Revenue fell 45 percent to 43.02 billion naira from 78.50 billion naira, the oil firm said in a statement without giving a reason for the sharp drop in earnings.

Shares in the company were flat at 27 naira on Tuesday.