Board Transfers N4.09bn Transcorp Hotels Profit To Reserve

The board of Transcorp Hotels Plc, on Tuesday morning released its results to the Nigerian Stock Exchange (NSE) showing that revenue limped by just N1.332bn or 9.52%, while net profit growth was faster at N598m or 17.1% to N4.09bn, all of which “has been transferred to retained earnings,” the report noted.
According to the result, revenue increased from N13.979bn to N15.311 billion in the 2016 financial year ended December 31, just as cost of sale grew from N3.361bn to N3.899bn, leaving gross profit of N11.421bn, up from the previous N1.617bn.
Administrative expenses jumped to N7.323bn from N5.943bn, resulting in operating profit of N4.659bn, down from N4.783bn.
Profit before tax dropped slightly to N5.234bn from N5.377bn, while tax expense reduced to N1.139bn, as against the previous N1.88bn, resulting in the N4.095bn profit from N3.497bn, representing basic Earnings Per Share of 54kobo, as against 46kobo in the corresponding period of 2015.

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