Dipo Olowookere
**As Revenue Drops 30.19%
By Dipo Olowookere
The board of Transcorp Plc on Thursday released the statement of financial position of the company as at June 30, 2019 to the investing public.
In the results released on the Nigerian Stock Exchange (NSE) and briefly analysed by Business Post, the firm posted a 57.57 percent depreciation in the profit after tax (PAT), which stood at N4.614 billion in contrast to N10.875 billion achieved in the same period of 2018.
This was as the profit before tax (PBT) also depreciated by 57.72 percent to N5.050 billion from N11.944 billion in the corresponding H1 2018.
Further analysis indicated that the revenue generated by the company in H1 2019 went down by 30.19 percent to N37.762 billion from N54.090 billion, while the cost of sales reduced to N20.482 billion from N29.517 billion, with the administrative expenses coming down to N6.532 billion from N7.617 billion.
However, the finance cost rose to N6.459 billion in the period under review from N4.541 billion, while the other income was trimmed to N373.8 million from N404.6 million.
Transcorp further said it gained N341.8 million from foreign exchange on financing activities in H1 2019 compared with the N861.8 million loss it recorded in H1 2018. For the gross profit, this decreased to N17.280 billion from N24.573 billion.
View the full results HERE
