NINE MONTHS RESULTS: TOURIST COMPANY OF NIGERIA PLC.

According to unaudited figures for the nine months to March released recently, The Tourist Company of Nigeria PLC is still inching its way out of loss league but it may not be out by 2016 financial year end this month.
By March 2015, TCN had reported loss of N110.2 on every N100 income and that must have been alarming. Then by year end June 2015, this was reduced to N82.3 loss on each N100 income.
Now, says the nine months data to March 2016; the loss has been further reduced to N24.5 but that was with only three months left to go
The main benefactor of TCN within the nine months was the 83.1% decrease in finance cost to N415.8m from N2464.3m at the same time in 2015.
If not, by March, operating loss had grown by 147.9% to N156.2m from N63m previously and as against only N50.2m loss by full year 2015.
The problem was that total income had grown by 1.8% to N2333.8m helped greatly by 7.32% growth in hospitality income to N1251m and dragged down by 4.08% decline in gaming income.
Then the wound was opened some more by 5.71% increase in expenses to N2490m; that is way ahead of the income growth.
With the shoulder heave from finance cost decrease TCN thus ended the nine months with only N572m loss compared to N2527.3m at the same time in 2015.
Can expenses be better controlled that in the three months to June, profit before tax could be reported? Well, soon we will know.

TOURIST COMPANY OF NIGERIA (Nm).   nine months
                        2016.            2015
Gaming income 1082.8.    1128.9
Hospitality inc.   1251.0.    1163.5
Total income.      2333.8.    2292.5
Expenses.            2490.0.    2355.4
Operating profit  (156.2).    (63.0)
Finance cost        415.8.     2464.3
Profit before tax  (572,0)   (2527.3)
Profit margin %   (24.5).     (110.2)

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