Dipo Olowookere
By Dipo Olowookere
Oil giant, Total Nigeria Plc, recorded a loss before tax of N137.0 million in the first quarter of 2020, lower than the pre-tax loss of N418.3 million in the same period of 2019.
Also, the energy firm posted a loss after tax of N163.2 million in contrast to N474.1 million recorded in the same time of last year, indicating a 66 percent reduction.
In the period under review, the revenue generated by the company decreased to N70.2 billion from N77.4 billion. This was largely impacted by decline in the sale of petroleum products, which dropped to N57.2 billion from N64.0 billion.
In the period, the cost of sales reduced to N62.5 billion from N69.3 billion, while other expenses were pruned to N50.2 million from N170.1 million. Also, the selling and distribution costs were flat at N1.1 billion, while the administrative expenses increased to N6.1 billion from N5.6 billion.
Total Nigeria said its gross profit reduced to N7.8 billion from N8.1 billion, while other income increased to N490.1 million from N408.3 million and this was mainly from higher income from Bonjour shop, rent, vendor management fees and other miscellaneous income (N474.1 million versus N406.4 million) as well as gain on disposal of property, plant and equipment (N16.1 million versus N1.9 million).
The company also stated in its financial statements for the period ended March 31, 2020 that it had an operating profit of N926.1 million, lower than N1.4 billion it had as at the end of March 31, 2019.
It further said its finance income dropped to N61.3 million from N115.8 million, while the finance costs decreased to N1.1 billion from N1.9 billion.
