Friday, July 29, 2016 1:15pm/ NSE
Transcorp Plc, Nigeria’s leading conglomerate announces that its expected earnings for Q2 2016 will be affected by the followings:
1. Unrealized foreign exchange loss following impact of material devaluation of the Naira against the United States Dollar (USD) for our power subsidiary. Transcorp Power Limited. The foreign exchange loss of N14bn was due to the exposure of the Group to USD obligation following the devaluation of the Naira from N197/$1 to N282.5/$1.
2. The generating capacity for our subsidiary Transcorp Power Limited declined significantly during the quarter as a result of the deteriorating gas supply situation since February 2016 where our daily capacity has gone down from 600MW to 280MW and sometime at less than 100MW.
3. The receivables from the Nigeria Bulk Electricity Trading Plc (NBET) stand at over N28bn.
However, our hospitality business remains resilient, posting stronger year-on-year performance. We remain confident of a strong and positive outlook for the Group despite these short term challenges. Management option for the conversion of foreign currency loan has been limited as a result of liquidity of the foreign exchange market.
Further details of the Group’s financial performance will be disclosed in the unaudited half year financial results to be released.
1. TRANSCORP Declares N1.09bn Total Comprehensive Income in Q1 2016 Result SP N1.03k
2. TRANSCORP Declares N1.44bn Total Comprehensive Income in 2015 Audited Result SP N1.11k
3. Transcorp Hotel posts 7.45 decline in revenue grows PAT by 8.59 in its Q4 15
4. Transcorp Hilton Abuja Named 2015 Hilton Brand Awards Winner
TRANSCORP declares N5.89 billion PAT in Q3 15 result Dips by 28.8 SP N2.12k