Ikeja Hotel plc posts NGN128.5 million loss for Q3 2015

Ikeja Hotel plc posts NGN128.5 million loss for Q3 2015

Ikeja hotel plc is reporting NGN128.5 million loss for the third quarter of the financial year 2015 compared to NGN2.5 million recorded in the same period in the financial year 2014.

The company said its revenue for the year dropped to NGN3.7 billion form NGN3.9 billion in the year before while gross profit also fell to NGN1.4 billion against NGN2.1 billion recorded in the year before.

operating expenses came in lower at NGN287.4 million against NGN363.1 million in the fiscal year 2014.

The company’s total assets stood at NGN19.0 billion in contrast to NGN18.2 billion posted for 2014 while total liabilities was NGN12.3 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.