TOTAL NIGERIA PLC - OPEX reduction lifts Q4 earnings
​TOTAL’s FY’15 EPS surprised to the positive following better than expected Q4 earnings performance. FY’15 EPS came in at N11.92, ahead of Vetiva (N9.70) and Consensus (N9.02) estimates. Following a historically weak Q3, earnings rebounded in Q4 following a 39% q/q reduction in OPEX to N3.4 billion (OPEX had averaged N5.6 billion in the prior 7 quarters). Amidst acute petroleum product tightness, TOTAL reported 3% q/q revenue growth; on a y/y basis however, revenue declined 14% to N208 billion (Vetiva and Consensus: N212 billion).
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