Transnational Corporation of Nigeria (Transcorp) recorded profit after tax of N2.091 billion for the first quarter financial year ended December 31, 2019.
The amount represents a drop of N3.319 billion or 61.34 per cent compared with N5.410 billion reported in the corresponding period of 2018.
Profit before tax also went down by N3.383 billion or 57 per cent to N2.552 billion from N5.459 billion.
The company three months operating result submitted at the Nigerian Stock Exchange showed that revenue declined to N18.306 billion within the period under review from N26.302 billion in the comparative period, indicating a drop of N7.996 billion or 30.4 per cent.
Cost of sales down from N14.323 billion to N10.163 billion while gross profit went down to N8.142 billion from N11.979 billion reported the same period in 2018.
The result further showed administrative expenses declined to N3.079 billion from N3.572 billion while operating profit fell from N8.459 billion to N5.153 billion.
The company current assets rose from N92.596 billion to N99.130 billion while non-current assets rose from N204.543 billion to N205.310 billion, bringing the total assets to N304.440 billion from N297.139 billion reported at the end of December, 2018.
The result showed that current liabilities grew from N125.025 billion to N130.682 billion while non-current liabilities dropped to N66.313 billion from N66.761 billion made at the end of 2018 financial year.
