WorldStage Newsonline– From a profit after tax declined of 96.1% to N81 million in first quarter (Q1) 2020, Transnational Corporation Of Nigeria Plc (Transcorp), a diversified conglomerate with strategic investments and core interests in the hospitality, agribusiness and energy sectors has released a profit before taxation forecast of N1.179 billion for the fourth quarter (Q4) 2020.
The Q4 2020 earnings forecast sent to the Nigerian Stock Exchange and signed by Owen Omogiafo Mutiu Bakare, President / CEO Group Chief Finance Officer projected a turnover N18.570 billion, but no projected tax for market to estimate the expected profit or loss.
Profit before tax declined by 94.6% to N137 million in Q1 2020 while revenue declined by 15.9% to N15.4bn from N18.3bn in Q4 2019.
Transcorp’s 2019 audited results for the period ended December 31st, 2019 showed that revenue declined by 26.7% to N76 billion from N104 billion in the previous quarter, profit before tax declined by 64.7% to N7.9 billion, profit after tax declined by 82% to N3.7 billion, net assets grew by 4% to N108.7 billion from N104.5 billion.
