NEWS

Transcorp Hotels declare 66% rise in profit for Q2

The financial statements of Transcorp Hotels Plc released showed its second quarter 2017 profit grew by 66%.

The hospitality outfit recorded profit growth to NGN4.1 billion against NGN12.1 billion loss in the same period for 2016 financial year.

Revenue for the second quarter rose to NGN34.1 billion compared to NGN24.7 billion reported in same quarter 2016 while the cost of sales was higher at NGN19.3 billion against NGN13.3 billion posted in the previous year.

Transcorp hotel said its profit before tax was NGN4.5 billion against NGN11.2 billion loss in 2016.

Gross profit rose to NGN14.8 billion in the year in review against NGN11.4 billion in the year before while operating profit also increased to NGN9.4 billion from NGN6.0 billion in 2016.

Total profit rose to NGN264.3 billion compared to NGN232.1 billion disclosed in 2016 while total liabilities was NGN171.6 billion against NGN145.7 billion in the year before.

Transcorp Hotels Plc was incorporated on 12 July 1994 in Nigeria under the Companies and Allied Matters Act as a private limited liability Company and is domiciled in Nigeria. The Company is engaged in the hospitality industry; particularly the rendering of hotel services.

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Monday Ashibogwu

Monday Michaels Ashibogwu is Editor-In-Chief of QUICK NEWS AFRICA, one of Nigeria's leading online news service.

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