Ikeja Hotel posts 277% rises in losses for half year 2015

Ikeja Hotel posts 277% rises in losses for half year 2015

Ikeja Hotel plc in its financial report for half the year 2015 is reporting 277% loss of NGN156.8 million compared to NGN41.6 million loss recorded in the same period in the financial year 2014.

The hotel ended the quarter with lower turn-over of NGN2.4 billion in contrast to NGN2.7 billion recorded in the previous year while gross profit also lowered to NGN569.5 million against NGN1.5 billion in the year before.

Operating expenses for the period reduced to NGN170.2 million from NGN214.4 million in the fiscal year 2014.

Total assets for the period was disclosed as NGN18.7 billion compared to NGN18.2 billion for the year before while total liabilities was NGN11.8 billion versus 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.