Ikeja Hotel plc posts NGN141.7 million loss for Q1 2015

Ikeja Hotel plc posts NGN141.7 million loss for Q1 2015

Ikeja Hotel plc in its financial report for first quarter 2015 is reporting NGN141.7 million loss compared to NGN251.4 million profit recorded in the same period in the financial year 2015.

The hotel’s turn-over for the period fell to NGN1.1 billion in contrast to NGN1.5 billion recorded in the year before while gross profit also dropped to NGN223.2 million against NGN910.8 million in the fiscal year 2014.

Ikeja Hotel plc’s total assets rose NGN18.4 billion compared to NGN18.2 billion same period 2014 while total liabilities was NGN11.5 billion against NGN11.2 billion in the year before.

About the company

Ikeja Hotel Plc engages in the acquisition and development of hotel and tourist facilities in Nigeria. It operates three hotels: Sheraton Lagos Hotel and Towers, Federal Palace Hotel, and Abuja Sheraton Hotel & Towers.

Ikeja Hotel was founded in 1972 as Properties Development Limited and changed its name to Ikeja Hotel Limited in 1980. Later, it changed its name to Ikeja Hotel Plc in 1991. The company is headquartered in Lagos, Nigeria.