By Modupe Gbadeyanka
The financial position of Transcorp Plc for the period ended March 31, 2019 was released by the board on Wednesday, with the company’s performance not looking impressive.
In the results, the company said it generated N18.3 billion as revenue in the period under review, lower than N26.3 billion raked in the same period of 2018.
With the sum of N10.2 billion used for cost of sales in the reviewed period, the firm said its gross profit dropped to N8.1 billion from N12 billion.
From the above figure, administrative expenses gulped N3.1 billion against N3.6 billion a year ago, leaving the operating profit at N5.2 billion in Q1 2019 versus N8.5 billion in Q1 2018.
For the finance cost, this increased to N2.9 billion from N2.2 billion, while the foreign exchange loss on financing activities closed at N277.8 million versus the loss of N284.4 million a year ago.
In the period under review, the profit before tax of Transcorp dropped to N2.6 billion from N5.9 billion, while the profit after tax decreased to N2.1 billion from N5.4 billion.
For the earnings per share, it dropped to N1.58k in Q1 2019 from N5.55k in Q1 2018, while the total assets rose year-to-date to N304.4 billion in Q1’19 from N297.1 billion in Q1’18, with the total liabilities rising year-to-date to N197 billion fromN191.8 billion.
