Ikeja hotels plc in its financial report for the first quarter of the year is reporting 47% fall in profit to NGN180.4 million compared to NGN344.6 million reported in the same quarter in the financial year 2016.
The Group ended the quarter with NGN2.7 billion revenue in contrast to NGN2.4 billion recorded in the year before. Meanwhile, gross profit lowered to NGN906.9 million from NGN944.7 million posted in the year before.
According to the balance sheet, operating profit also decreases to NGN365.5 million against NGN496.5 million in the fiscal year 2016.
Ikeja Hotels plc said it total assets for the period was NGN26.7 billion compared to NGN25.2 billion acquired in the year 2016 while total liabilities was NGN17.6 billion versus NGN16.2 billion in the year before.