Ikeja Hotels plc posts 13% rise in losses in Q1 2016

Ikeja Hotels

Ikeja hotels plc in its financial report for the first quarter of the financial year 2016 is reporting 23% decrease on loss to NGN108 million compared to NGN141.2 million recorded in the same period in financial year 2015.

The company ended the period with NGN1.2 billion revenue in contrast to NGN1.1 billion posted in the year before while gross profit was NGN311.5 million against NGN223.3 million in the year 2015.

The company’s operating profit rose to NGN43.4 million compared to NGN20.0 million recorded in the fiscal year 2015.

Ikeja hotels plc said it’s totally assets for the period in review was NGN19.4 billion against NGN18.6 billion in the year 2066 while total liabilities was NGN12.0 billion versus NGN11.1 billion in the year before.