Total Nigeria Plc has recorded a N44bn drop in revenue in the second quarter of this year.
The company’s revenue drop from N150.8bn in second quarter of 2019 to N106bn in the second quarter of this year.
The decline in revenue represents 29.3 percent of the N150.8bn the company reported in the same quarter of 2019.
Total Nigeria disclosed these in its second quarter Unaudited results for the period ended June 30th, 2020.
The decline reflects the months of hitches in economic activities induced by Covid-19 pandemic.
Details of the report revealed that total recorded a loss after tax of N537bn, from N130m profit recorded in the second quarter of 2019.
The report showed the company’s net Assets to have declined by 9.9 per cent from N28bn in the second quarter of 2019 to N26bn in the same quarter of 2020.
According to Total, the taxation charged for the quarter under review amounted to N259.7m.