By Modupe Gbadeyanka
The profit after tax posted by Transcorp Hotels Plc in the first half of this year dropped by about N1.1 billion, the company’s financial statements revealed.
In the half year earnings released by the firm, the company disclosed that its profit in the first six months of the year stood at N757.63 million compared with N1.9 billion posted on June 30, 2016, forcing the firm not to declare interim dividend this period.
Also, Transcorp Hotels said its revenue for the first six months of the year depreciated to N6.20 billion from N7.60 billion a year ago.
Furthermore, the profit before taxation stood at N1.09 billion as at June 30, 2017 in contrast to N2.75 billion as at June 30, 2016.
In addition, the company recorded a drop in its gross profit, reporting N4.5 billion in the period under review compared with N5.8 billion 12 months ago.
Transcorp Hotels Plc was incorporated on July 12, 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 and operates the Transcorp Hilton Hotel Abuja, which clocked 30 recently.
The management, last year, started a renovation project of the facility, which gulped about $100 million and was recently completed.
Aduragbemi Omiyale