By InvestAdvocate

Lagos (INVESTADVOCATE) – Tourist Company of Nigeria Plc, operating on the Hotel & Tourism Sector of the Nigerian Stock Exchange (NSE) has posted a Loss of N1.370 billion in its Audited Year End for the 18 Months period ended, June 30 2011.

This was contained in the Profit and Loss Information released Thursday to the Nigeria’s Exchange and obtained www.investadvocateng.com in Lagos Nigeria.

To record the Loss, Tourist Company of Nigeria recorded a Profit After Tax (PAT) of N680.676 million in year 2009 end compared to N1.370 billion in the 18 months ended, June 30 2011; indicating a Loss of 101.3 percent (101.3%) in the review period.

Profit Before Tax (PBT) also slipped further from N642.388 million in year 2009 to N1.115 billion in the period under review; showing a Loss of 73.6%.

While Turnover appreciated from N1.677 billion in year 2009 to N4.460 billion in the Audited Year End18 Months period ended June 30 2011; representing an increase of 166.0%.

Also, IPWA one of the Companies on the list of NSE’s Full Suspension over non-rendition of their 2010 Financial Year End Accounts Thursday released its Audited Report for the period ended December 31 2010.

IPWA on its part recorded a Loss of N59.675 million in year 2010 end compared to N4.438 million in year 2009; indicating a Loss of 1,244.6%.

PBT further depreciated from N10.867 million in year 2009 end to N77.752 million in year 2010 end; showing a Loss of 815.5% in the review period.

However, Turnover of IPWA increased slightly from N399.877 million in year 2009 to N411.993 million representing a 3.0% increase.