Transcorp posts N1.12bn loss in 2016

 

Transnational Corporation of Nigeria Plc (Transcorp) has reported a loss of N1.127 billion for the year ended 31 December 2016.
The conglomerate firm’s in its financial statement for 2016 said it loss after tax stood at N1.126 billion against profit after tax of N2.032 billion it made during the same period of 2015.
Though, Transcorp revenue surged from N40.754 billion in 2015 to N59.425 billion at the end of 2016 financial year which ended 31 December, 2016. The increase recorded on revenue during the year stood at N18.671 billion or 45.81 percent.
Transcorp expended N29.259 billion on cost of sales in 2016 against N16.423 billion spent on the same purpose in 2015.
It reported a massive loss in foreign exchange on financing activities during the year 2016 which stood at N18.704 billion compared to N6.061 billion it loss on foreign exchange in 2015.