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Transcorp Hotel 3 Months Profit Up 35.20%

Transcorp Hotel, the hospitality subsidiary of Transnational Corporation, has posted an improved result in its first quarter unaudited financial result ended March 2016.

In the result, the company posted a profit after tax of N964.793 million as against N713.578 million reported in the corresponding period of 2015, representing an improvement of N251.215 million or 35 per cent.

Profit before tax rose by 46.90 per cent when it grew from N943.314 million in 2015 to N1.385 billion, revenue for the period stood at N3.677 billion from N3.216 billion, cost of sale which was N772.682 in 2015 rose to N874.765 million, gross profit appreciated to N2.802 billion from N2.443 billion,

Operating profit grew from N831.758 billion to N1.196 billion, finance income rose to N189.676 million from N11.556 million, total comprehensive income for the period which was N713.578 million in 2014 rose to N964.793 million while earnings per share rose from 9 kobo to 13 kobo.

Property, plant and equipment improved from N63.334 billion to N67.438 billion, intangible assets stood at N2.031 billion from N2.032 billion, while total noncurrent assets for the period rose from N65.366 billion to N69.470 billion.

Inventories went down from N691.442 million to N684.383 million, trade and other receivables also went down to N10.955 billion from N11.098 billion, cash and bank balances which was N14.184 billion in 2015 slipped to N12.072 billion, total current assets stood at N23.712 billion from N25.974 billion, while total assets for the period closed at N93.183 billion from N91.341 billion reported in the same period of 2015.

Total current liabilities which was N12.989 billion in 2015 rose to N13.839 billion, total liabilities rose to N40.073 billion from N39.195 billion, retained earnings stood at N45.274 billion from N44.309 billion, total equity grew from N52.145 billion to N53.109 billion, while total equity and liabilities rose to N93.183 billion from N91.341 billion.