Transcorp Hotels returns to quarterly profit

Transcorp Hotels Plc has posted a profit before tax of N92.93 million for the second quarter of this year, compared with a loss before tax of N3.64 billion in the same period of 2020.

The hotel, which was hard hit by the COVID-19 pandemic last year, saw its revenue increase slightly to N4.80 billion in Q2 2021 from N4.78 billion in Q2 2020.

It slashed its administrative expenses to N2.68 billion in the period under review from N4.09 billion in Q2 2020, while its finance costs tumbled to N1.12 billion from N2.88 billion, according to its unaudited financial statements.

Transcorp Hotels, a subsidiary of Transnational Corporation of Nigeria Plc, is the owner of Transcorp Hilton Abuja and Transcorp Hotels Calabar.