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Earnings Watch: Dantata’s MRS Group Posts Q3 Numbers, Performance is Trailing

By on November 9, 2011

MRS Group, formerly Chevron Nigeria and a subsidiary of Chevron Texaco, before it was acquired by a consortium led by Alhaji Sayyu Dantata released its 3Q Earnings on the floor of the Nigerian Stock Exchange today.

The downstream oil and gas trading company saw its revenue slip just less than 7% as the company raked in N 53.1 Billion, a little less than the N 56 Billion it had posted at this time last year.

Management managed costs prudently as production costs were down 6% to N 48 Billion from N 52 Billion at 3Q, 2010.

Profit before Tax fell 45% to N 1 Billion from almost N 2 Billion at 3Q, 2010.

Net Income was also down to just under N 600 Million from N 1.3 Billion at the end of the third quarter last year, a 56% drop.

The company did increase its cash reserves substantially from N 3 Billion at the end of last years third quarter to N 8 Billion at the end of September.

The company’s stock is trading at N 63.86, a drop of about 4% from the onset of the year.