Caverton Offshore Support Group Plc, (COSG) has announced its unaudited first half year results for 2020.
The results showed that the company's revenue dipped by five per cent to N16.1 billion, compared with the N16.9 billion recorded in June 2019. Its operating profit, (excluding other income) also fell to N2.6 billion, as against the N3.2 billion realised in June 2019.
The results also revealed that the company realised profit before tax of N889 million as well as profit after tax N766 million in the period under review.
Commenting on the recent events, COSG's Chief Executive Officer, Mr. Bode Makanjuola said: "As the COVID-19 pandemic continues to have adverse effects on our economy, the petroleum and aviation sectors have borne the major brunt. In addition to the pandemic woes, revenue from aircraft contracts dropped during the period as a result of the decline in hours flown due to severe weather conditions and we have had to implement downward review of our existing contracts as a result of contraction in oil production.
"Despite the drop in revenue, we remain resilient in weathering this storm and look forward to finishing the year on a much stronger footing as we look forward to ease on travel and work restrictions and completion of some of our capital projects."