Ikeja Hotels posts 8% rise in losses for nine months in 2016

Nigerian Enamelware

Ikeja Hotels plc is reporting 8% decrease in losses to NGN117.4 million for the nine months ended in the year 2016 from NGN128.5 million recorded in the same period in the financial year 2015.

The hotels’ revenue for the period was higher by 10% to NGN3.9 billion against NGN3.7 billion recorded in the previous year while gross profit remained at NGN839.4 million compared to NGN1.4 billion in the year 2015.

Operating profit reduced to NGN271.0 million in contrast to NGN287.4 million recorded in the fiscal year 2015.

Ikeja Hotels’ total asset for the period was NGN19.6 billion compared to NGN18.6 billion acquired in the previous year while total liabilities was NGN12.2 billion versus NGN11.1 billion in the year 2015.