Transcorp an­nounces pre­tax of N3.77bn in 3 months

Daily Trust - - NEWS - From Kay­ode Ogun­wale, La­gos

Transna­tional Cor­po­ra­tion of Nigeria Plc (Transcorp) has an­nounced the re­sults of its first quar­ter 2014 op­er­a­tions.

The Group’s profit be­fore tax stood at N3.77bn for the first quar­ter ended March 31, 2014 which rep­re­sents 187 per cent in­crease from cor­re­spond­ing pe­riod in 2013.

The re­sult shows that gross earn­ings for the Group stood at N11.15bn which rep­re­sents 152 per cent growth from first quar­ter of 2013 re­sults of N4.42bn.

The profit af­ter tax grew by 278 per cent from N834m in first quar­ter 2013 to N3.15bn for pe­riod un­der re­view.

To­tal as­sets grew by 16 per cent from N149.64bn for full year 2013 to N173.61bn for the first quar­ter ended 31 March 2014.

Com­ment­ing on the re­sults, the Pres­i­dent and Chief Ex­ec­u­tive Of­fi­cer, Transcorp, Mr. Obinna Ufudo, said “Our first quar­ter re­sults are in line with our ex­pec­ta­tions as we con­tinue to deliver on key di­ver­si­fi­ca­tion mile­stones in all our strate­gic businesses. A sig­nif­i­cant por­tion of our cur­rent prof­its is at­trib­uted to im­proved per­for­mance in our power and hos­pi­tal­ity businesses recorded from the be­gin­ning of the year.”

He added, “For the rest of the year, we ex­pect to con­sol­i­date on our strong fi­nan­cial re­sults by im­prov­ing power out­put from our Ughelli Power Plant, de­vel­op­ing new ho­tels, di­ver­si­fy­ing and in­creas­ing the scale of our agribusi­ness and ex­ploit­ing op­por­tu­ni­ties within the oil and gas in­dus­try.”

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