Transnational Corporation of Nigeria Plc has announced an 80.85 per cent increase in its profit before tax for the third quarter ended September 30, 2012.

A statement by the company on Tuesday stated that profit before tax rose by 80.85 per cent to N1.7bn, from N922.78m in the corresponding period of 2011.

Gross earnings grew by 43.45 per cent to N2.71bn, from N1.89bn in the corresponding period of 2011, while operating expenses fell from N778m in the similar period of 2011 to N689.7m in 2012.

It added that total assets grew by 19.44 per cent, from N23.32bn in the third quarter of 2011 to N27.85bn in the same period under consideration.

Commenting on the results, the President and Chief Executive Officer, Transcorp, Mr. Obinna Ufudo, said, “Our third quarter result is an affirmation of the continued success of our business strategies and income diversification initiatives. We are quite pleased with the stable and positive growth of our earnings, and are already working out plans to further improve on it.

“Our enviable pipeline of deals and opportunities portend an even brighter future for Transcorp as manifested by our successful bid for the acquisition of the 972mw Ughelli Power Plant. This giant step into the power sector as well as our other initiatives will further position Transcorp for even better performance in the year ahead.”

Source: Punch