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Total Nigeria records N204.8m loss for Q3 2019

Total Nigeria records N204.8m loss for Q3 2019

The unaudited financial statements for the 9 months period ended September 30, 2019 released on Wednesday, shows that oil marketer, Total Nigeria recorded a loss of N204.8 million.

This not unrelated to the drop in the production and price of oil globally.

Total’s revenue for the 9 months ended September 30, 2019, stood at N221.8 billion as against N226.9 billion reported in the same period of 2018. This represent a marginal drop of 2%.

Due to increase in administrative costs, impairment loss, and financial costs – amounting to N24.05 billion – the company had a loss before tax of N116.95 million as against a profit before tax of N11.4 billion in 2018, plunging into negative territory by 101%.

Read also: Nigeria loses $15bn yearly to tax evasion —Fowler

In the same vein, loss after tax stood at N204.8 million as against N7.7 billion in 2018. This represents a steep drop of 103%.

Earnings per share also took a plunge into negative territory of 60 kobo as against N22.58 in the same period of 2018.

According to its financial position total assets stood at N145.3 billion as against N132.5 billion by the end of December 2018. Also, total liabilities hit N119.5 billion when compared to N101.8 billion by the end of December 2018.

Total Nigeria is currently trading at N110.90 on the floor of the Nigerian Stock Exchange (NSE). Year to date the stock is down by 39%.

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