Mobil Q1 2012 Earnings: Net Income Down 57% YoY
Mobil recently reported its Q1, 2012 earnings. Headline revenue was up 22% to N 17.7 billion from N 14.5 billion over Q1, 2011.
Additional income was reported at N 5 billion, up 267% from -N3 billion over Q1, 2011.
Profit before tax fell sharply, down 57% to N 686 million, from N 1.59 billion over Q1, 2011.
Net income came in at N 463 million, also down 57% from N 1 billion over Q1, 2011.
The dip in Mobils earnings may reflect the restructuring of the Petroleum Subsidy Fund Administration by the Petroleum Products Pricing Regulatory Agency.
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