QUARTER RESULTS: ABBEY MORTGAGE BANK, CAPITAL HOTELS.


ABBEY MORTGAGE BANK: ONE DECISIVE DROP

In the first quarter to March the main headache of Abbey Mortgage Bank PLC was the 5.68% decrease in its less than N500m total income to N312.3m.
According to the results for the period, the percentage decrease was in fact cushioned by good growth in income from other activities because that of core mortgage activity tumbled by 19.7% to N258.5m as interest income although it helped abit that interest expense went down by a higher 20.3% to N83.1m.
The good shove for income came from fee and commission rise to N11.9m  and jump for Other operating income to N41.9m.
It was equally helpful that other operating expenses decreased by 6.08% to N98.8m but personnel expenses eased by only 2.41% to N101.4m.
In the end, according to the figures downloaded from the stock exchange, Abbey's profit before tax ended the quarter at N9.61m compared to N43.5m previously.

ABBEY MORTGAGE BANK (Nm)
                        First quarter
                            2016.         2015
Total income    312.3.         331.1
Interest income 258.5.        321.9
Interest cost        83.1.         104.3
Fees & Comm.    11.9.           1.70
Other Op. Income 41.9.         7.51
Credit loss            1.90.        47.4
Personnel cost  101.4.        103.9
Other op expense 98.8.       105.2
Profit before tax    9.61.        43.5
Profit margin %    2.91.         13.1

CAPITAL HOTELS PLC: WINNING FORMULA

Capital Hotels PLC has apparently found its winning formula for financial year 2016: Replicate first quarter finish through the remaining nine months.
According to the results, virtually everything ended well during the quarter with the lone exception being 39.3% decrease in Other income to N1.05m but of course, its potential to disabilise was very limited.
Core revenue increased by 16.3% to N1207.2m and so total income growth was only reduced to 16.2%.
On top of that accompanying cost of sale rose by only 1.54% to N573.5m leading to 33.8% increase in gross profit to N633.7m.
Then cost control added its bit as sales and marketing cost decreased by 3.6% to N58.9m and administration expenses ended 6.62% lower at N122.8m.
The result? Capital Hotels profit before tax grew by 60.2% to N453m in these trying times leaving N37.5 gain on each N100 income as its call card.
However, the company grappled with less liquidity as working capital dropped to N1551.6m from N2054.9m.
But then, it was for a good course because Capital Hotels spent more on fixed assets within the period leading to 10.4% increase in closing value to N2198m in spite of depreciation.

CAPITAL HOTELS PLC (Nm)
                         First quarter
                        2016.           2015
Total income 1208.3.        1040.3
Core revenue 1207.2.        1038.3
Cost of sale    573.5.           564.8
Gross profit    633.7.            473.5
Other income   1.05.            1.73
Sale marketing 58.9.          61.1
Administration 122.8.       131.5
Profit before tax 453.0.     282.7
Profit margin %   37.5.        27.3
Working capital 1551.6.   2054.7
Fixer assets.      2198.4.   1991.7

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