Transcorp posts N5.93bn loss, Cutix announces profit

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Stanley Opara

The Transnational Corporation of Nigeria Plc has posted a loss before tax of N5.93bn for the financial year ended December 31, 2016.

This is against the N3.32bn profit reported a year ago.

 Its group revenue stood at N59.42bn as against N40.75bn posted in 2015.

These were contained in the firm’s report filed with the Nigerian Stock Exchange on Wednesday.

On the other hand, Cutix Plc, for the nine months ended January 31, 2017, declared a profit before tax of N409.5m compared to N206.5m reported a year ago.

Its revenue for the period stood at N2.76bn, as against N2.10bn reported a year ago.

Transcorp Plc posted a gross revenue of N7.6bn for the second quarter of 2016.

Then, the company’s cost of sales went up a little to N1.8bn compared to N1.6bn recorded in 2014. Gross profit for the quarter rose by 3.2 per cent to N5.7bn compared to N5.5bn.

Its net income had risen to N1.8bn compared to N1.7bn reported in 2014. This was a growth of 7.4 per cent.

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