By investadvocate

Lagos (INVESTADVOCATE)-Total Nigeria Plc (Total) operating in the Petroleum Marketing Sector of the Nigerian Stock Exchange (NSE) has cut its proposed dividend recommendation to investors of the Company for the year 2010 Financial Year End (FYE) by 48.63 percent (-48.63%); when it recommended N6.00.

This was contained in the Corporate Actions of the Firm released Thursday April 14 2011 on the Floor of the NSE in Lagos Nigeria.

To record the cut in dividend payment to shareholders of the Company in the review period, Total paid N11.68 Kobo in the year ended December 31, 2009 compared to N6.00 proposed for the year 2010 end; indicating a decrease of -48.63%.

The Third Quarter (Q3) Result for the period ended September 30 2010, Turnover of the Petroleum Marketing Firm dipped by -6.94% when it recorded N121. 995 billion in the Q3 of year 2010 compared to N131. 090 billion in Q3 of year 2009.

While Profit After Tax (PAT) was N4.195 billion in Q3 of 2010 compared to N2.992 billion in the corresponding period of 2009; showing a growth of 43.57% in the review period.

Meanwhile, in the Corporate Action, Total affirmed that closure date of its Register is 09 to 13 May 2011. While payment date has been scheduled for July 01 2011.