Oando Expects Income Drop After 9.6 Billion-Naira Write-Off

Oando Plc (OANDO), a Nigerian energy company, sees a drop in profit for 2011 after a 9.62 billion naira ($61 million) write-off, Chief Executive Officer Wale Tinubu said.

The amount covers “impairment of assets,” costs of acquisitions and other charges, Tinubu said on a conference call today from Lagos, the commercial capital. Oando hasn’t reported its full-year earnings for 2011.

Oando shares were little changed, rising 0.05 percent to 19.01 naira by the close of trading today in Lagos. The stock has declined 13.6 percent this year, compared with a 0.3 percent increase in the Nigerian Stock Exchange All-Share Index over the same period.

To contact the reporter on this story: Vincent Nwanma in Lagos at vnwanma@bloomberg.net

To contact the editor responsible for this story: Dulue Mbachu at dmbachu@bloomberg.net

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.