The Tourist company posts NGN2.3 billion loss in Q1

The Tourist Company of Nigeria Plc

Tourist Company of Nigeria has just disclosed that it recorded a net loss of NGN2.3 billion for the first quarter of the year against NGN571.9 million recorded in 2016.

The Tourist company of Nigeria plc ended the first quarter 2017 with NGN2.4 billion revenue compared to NGN2.3 billion recorded same period in the financial year 2016.

Its gaming record for the period was NGN1.1 billion against NGN1.0 billion recorded in the previous year while its hospitality record remained at NGN1.2 billion as recorded in the year 2016.

The company’s expenses in the period under review were NGN2.8 billion against NGN2.4 billion recorded in the previous year, leaving its operating loss for the period at NGN437.3 million in contrast to NGN156.4 million loss recorded in the year before.

The tourist company recorded NGN2.3 billion loss before tax against NGN571.9 million recorded in the financial year 2016.

The tourist company of Nigeria said it acquired NGN10.2 billion worth of assets in the year 2017 compared to NGN10.5 billion recorded in the year 2016. Its total liabilities for the period was NGN19.5 billion versus NGN17.5 billion recorded in the fiscal year 2016.

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Company Information

The Tourist Company of Nigeria Plc engages in the operation of gaming and hospitality businesses in Nigeria. It owns and operates Federal Palace Hotel and Casino in Victoria Island, Lagos. The company also operates a casino, a banqueting facility, and a pool club. The Tourist Company of Nigeria Plc was incorporated in 1964 and is based in Lagos, Nigeria.

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