Reacting to media reports about the loss, a statement from TOR said the amount was as a result of financial interest charges and exchange rates differences on TOR’s outstanding legacy debts yet to be paid from the Energy Sector Levies Act (ESLA) proceeds.
That aside, the statement said TOR made a gross profit in the first quarter of this year, “indicating that TOR is a potentially profitable company.”
Nevertheless, the statement by TOR added the company has been facing liquidity challenges culminating in the company’s inability to implement its annual budgets.
“TOR’s revenue targets are not being achieved due to lack of working capital to procure crude oil for processing on a continuous basis. However, fixed costs continue to be incurred,” the statement added. Read Full Story
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