By InvestAdvocate

Lagos (INVESTADVOCATE)-Transnational Corporation of Nigeria Plc (TRANSCORP) Thursday posted a -67 percent (-67%) loss in its first quarter (Q1) report for the period ended March 31 2013 according to reports released to the Nigerian Stock Exchange (NSE) and made available to InvestAdvocate in Lagos Nigeria.

To declared the loss, the conglomerate reported a N833.704 million profit after tax (PAT) in the review period compared to N2.527 billion recorded in the same period of year 2012; indicating a loss of -67%.

Profit before tax (PBT) also declined from N3.948 billion in the Q1 of 2012 to N1.312 billion in the review period of 2013; showing a decline of -66.8%.

Similarly, Gross Profit reduced from N9.768 billion in the Q1 of 2012 to N2.757 billion in the corresponding period of 2013; representing a drop of -71.8%.

In the same vein, revenue dipped by  -73.2% as Transcorp recorded N3.549 billion in its first quarter of 2013 compared to N13.244 billion in the Q1 of 2012.

Earlier in February 2013, Transcorp announced it intends to increase its Authorised Share Capital from N18 billion to N22.55 billion Ordinary Shares of 50 Kobo each through a Rights Issue.

TRANCORP notified the NSE of the decision of its Board of Directors (BOD) to convene an Extraordinary General Meeting (EGM), on Thursday, March 28, 2013.

In increasing its Authorised Share Capital, the company created nine (9) billion new Ordinary Shares of 50 kobo each and authorised its Directors to issue up to 13 billion Ordinary Shares of 50 kobo each from the company’s share capital by way of Rights Issue.

Nigeria’s Securities and Exchange Commission (SEC) had extended the offer which was due to close on May 31 2013 by one week until June 07 2013.