The total comprehensive loss recorded by The Tourist Company of Nigeria Plc increased remarkably to N1.660billion in the first-quarter (Q1) ended September 30, 2016 compared to a loss of N155.099million the company reported in the corresponding Q1 period of 2015.
The company’s condensed unaudited statement of comprehensive income for the three months period shows revenue declined to N679.611million from N789.071million in Q1’15. The Tourist Company of Nigeria Plc is a public liability company registered in Nigeria and is quoted on the Nigerian Stock Exchange (NSE).
Incorporated on April 10, 1964; the Company converted from a private company to its current form on April 20, 1994. The Tourist Company of Nigeria Plc engages in the operation of gaming and hospitality businesses in Nigeria. It owns and operates Federal Palace Hotel and Casino in Victoria Island, Lagos. The company also operates a casino, a banqueting facility, and a pool club.
The results at the Nigerian Stock Exchange showed Tourist Company of Nigeria Plc earned N352.374million from gaming business in Q1’16 against N366.966million in Q1’15; while from hospitality business it earned N327.237million in Q1’16 from N422.105million in Q1’15.
Its operating loss spiked to N244.288million in Q1’16 from an operating loss of N17.886million in Q1’15. The company’s finance costs rose to N1.416billion from N137.213million in Q1’15. Its loss per share increased remarkably to 74kobo from 7kobo in Q1’15.
The company’s statement of comprehensive income forecast for the year ending June 30, 2017 revealed expected loss before tax of N2.789billion; and revenue of N2.932billion.
The company’s Q1 results and full year loss forecast are clear indications that Nigerians have further cut down spending on gaming and recreational activities due to recession.
