Transcorp Hotels reports Q1 loss on higher admin expenses, finance costs

Transcorp Hotels Plc, on Friday reported first quarter 2020 results showing a loss after tax position of N686 million as a result of higher administrative expenses and finance costs.

Revenues from contracts with customers came in flat at N4.175 billion in 2020, compared to N4.186 billion in the earlier period.

Administrative expenses however increased by 19 percent to N2.47 billion in March 2020, compared to N2.07 billion in 2019, while net Finance costs jumped 100 percent to N1.34 billion from N673 million in the earlier period.

Transcorp Hotels interest bearing loans and borrowings totalled N32.6 billion of which N5.31 billion is due in 2020.