Transcorp Hotels Plc profit after tax in the first half of financial year 2017 has dropped by 60 per cent,that is about N1.1 billion.
According to the company’s first half result released to the Nigerian Stock Exchange (NSE), 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, the company’s revenue for the first six months of the year depreciated to N6.20 billion from N7.60 billion a year ago.
Further analysis indicated that profit before taxation dipped by 60.36 per cent to stand at N1.09 billion 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.