WorldStage Newsonline– The Tourist Company of Nigeria Plc, the owner of the prestigious Federal Palace Hotel, Lagos has released its condensed unaudited statement of comprehensive income for the year ended 31 December 2020 with sharp decline in revenue from gaming and hospitality in the last three months (Q4) to N552.286 million from N1.232 billion in Q4 2019.
Revenue for the full year dropped to N1.312 billion from N3.666 billion in 2019.
The company’s book remained in red as loss after tax grew to N354.062 million from N91.182 million loss in Q4 2019.
The company loss further worsened in full year 2020 by 439.68% to N6.528 billion from N1.210 billion loss in 2019.
The Tourist Company of Nigeria is majorly owned by Sun International Limited (49.3%), Associated Ventures International Limited (18.7%), Oma Investments Limited (18.1%) and Ikeja Hotel Plc (12.2%).
