By Michael Eboh
Tourist Company of Nigeria Plc, TCN, has announced a loss of N559.05 million for the 15 months ended, March 31, 2011.
According to the unaudited financial statement presented to the Nigerian Stock Exchange, NSE, Wednesday, the decline in its bottom line was in spite of a significant improvement in its earnings.
Its turnover grew by 111.81 per cent to N3.552 billion from N1.677 billion recorded in 2009.
It posted a loss before tax of N562.609 million compared to a loss before tax of N642.388 million in 2009, while it recorded a loss after tax of N559.048 million compared to a loss of N680.676 million recorded in 2009.
Meanwhile, Airline Services and Logistics Plc announced a profit of N240.7 million for its 2010 financial year.
According to its audited financial statements for the year ended, December 31, 2010, presented to the NSE, its profit after tax grew by 32.87 per cent to N240.7 million from N181.155 million recorded in its 2009 financial year.
Its turnover, however, dipped by 6.9 per cent to N3.67 billion from N3.942 billion recorded in 2009, while it recorded a profit before tax of N241.02 million compared to a profit before tax of N396.27 million in 2009.
The company is proposing a dividend of N0.15 per share for its shareholders in its forthcoming annual general meeting.
N767.040 million in 2009, while its net asset rose by 9.71 per cent to N1.571 billion compared to net assets of N1.432 billion.
UTC Nigeria Plc, in its audited result for the year ended, December 31, 2010, recorded a profit after tax of N79.8 million compared to a profit after tax of N74.77 million in 2009.
It posted a turnover of N2.823 billion from a turnover of N2.574 billion recorded in 2009, its recorded net assets of N1.337 billion compared to net assets of N1.426 billion recorded in 2009, while it recorded fixed asset of N2.029 billion from N1.997 billion recorded in 2009.