[RESULTS] Total Nigeria Second Quarter Profits Gets a Major Lift

Total Nigeria Plc released its 2015 Q2 results reporting a profit before tax of N3 billion only.

Highlights

• In line with economic realities revenues dropped QoQ  13.5% to N51.9 billion (2015 Q1: N60 billion)
• Operating expenses surprisingly dropped 3.1% to N5.5 billion suggesting the company was able to hold up expenses in the second quarter considering the rising cost of doing business
• The company however booked other income of N2.5 billion which it earned from the sale of an asset (notes to the accounts is yet to be sighted)
• This helped boost second quarter pre-tax profits to N3 billion
• Where it not for this sale, pre-tax profits would have dropped by about 20%
• The company also received a considerable amount of cash from its trade debtors. It received N9.1 billion from  trade debtors and basically used the cash to pay part of its trade payables.
• It also used part of the cash earned from other income to pay down about N9.8 billion in external loans.
• Cash balance was thus reduced by about N6.8 billion this quarter.
• Find summary of the result below

2015 Q2 vs Q1