Transcorp announces N2.57bn pre-tax profit for Q1

Transnational Corporation of Nigeria Plc says it made a profit before tax of N2.57bn in the first quarter of the 2015 financial year, compared to a loss before tax of N573.95m in 2013.

The group’s profit after tax also soared, hitting N2.19bn, a marked difference from the N687.74bn loss after tax it reported a year ago.

Revenue for the group stood at N9.92bn, which represented a drop of five per cent year-on-year, from the N10.54bn in it posted for the first quarter of 2014. The company’s revenue was, however, up by 39 per cent to N736m from N528m recorded in the corresponding period of 2014.

Also, Transcorp grew its total assets by three per cent from N170.76bn for the full year 2014 to N176.32bn in the three months ended March 31, 2015.

The President and Chief Executive Officer, Transcorp, Mr. Emmanuel Nnorom, was quoted as saying that company performed well despite the challenges it faced.

He said, “Transcorp performed relatively well in this first quarter despite headwinds faced by our power business. Acute gas shortages have limited our production capacity while margins are depressed by delayed implementation of MYTO 2.1 tariffs despite increased gas prices.”

Nnorom, however, expects the group to perform even better in the second quarter of the year.

“The commencement of operations by the bulk trader and improvement of the security of gas pipelines will drive recovery in Q2 2015,” he said.

“In addition, our hotel business is expected to benefit from improving security and political outlooks in the second quarter to provide an enabling platform to achieve its occupancy targets.”

Meanwhile, the equities segment of the Nigerian Stock Exchange closed on a positive note for the first time this week on Thursday with the NSE All-Share Index rising by 1.93 per cent to close at 34,708.11 basis points.

As a result, its year-to-date return now stands at +0.15, compared to -1.7 per cent a day earlier.

The market capitalisation of the listed equities also rose by 1.93 per cent to close at N 11.786tn.

Investors exchanged 374.562 million shares valued at N3.750bn in 4,696 deals on Thursday.

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Source : Punch

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