WorldStage Newsonline– Total Nigeria has published its first quarter (Q1) 2018 results which showed that sales were down 6% to N75.6 billion when compared with Q1 2017, while profit before tax (PBT) also declined by 38.2% to N2.6 billion.
A 188% rise in net finance charges were primary responsible for the more significant PBT decline. To a lesser extent, a 9% rise in opex and 10% decline in other income did not help.
The higher net interest expense line broadly reflects a 33% rise in debt levels.
Total posted an income of N920m accruing from gains on sales of petroleum products. However, the trend on the other income line was hampered by an forex-related loss of N583m compared with an fx gain of N371m in Q1 2017.
Total shares have shed -3.2% yesterday compared with the All Share Index’s +6.6% gain.
