Tranex profit fell by 90% in first quarter 2017

The Tourist Company of Nigeria Plc

Tranex PLC, one of Nigeria’s logistics company said its net profit for the first quarter of the year fell to NGN1.6 million against NGN17.7 million recorded in the year 2016.

The decline shows a 90% fall in its net profit for the first quarter of the year. A major indication of weaker demand and activities in the blue chip and medium sized companies that form its client base.

The company ended the first quarter of 2017 with 183.5 million revenue against NGN213.3 million recorded same period 2016. Its direct costs for the period was NGN82.3 million loss against NGN90.2 million loss recorded in 2016.

The company reported that its gross profit reduced to NGN101.2 million against NGN123.1 million recorded in the year 2016.

Trans-nationwide recorded NGN2.2 million profit before taxation versus NGN24.2 million recorded in the year before.

Trans a nationwide express plc reported that it acquired 586.4 million assets in the period in review against 661.7 million recorded in 2016.

The company’s ts total liabilities was NGN159.5 million compared to NGN215.9 million recorded in the previous year.

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