By InvestAdvocate

Lagos (INVESTADVOCATE)- Hospitality firm, Transcorp Hotels Plc (THP) said on Friday its profit for the year ended 2014 declined 27 percent to N3.220 billion from N4.409 billion recorded a year earlier.

Pre-tax profit also dipped 26 percent to N4.540 billion from N6.122 billion reported in the corresponding period of 2013.

Also, revenue dropped marginally to N15.104 billion from N15.348 billion in 2013; indicating a decline of 1.6 percent in review period, the company said in a filing with the Nigerian Stock Exchange (NSE).

On Monday, Transcorp Hotels proposed a 37 Kobo per share first-ever dividend to shareholders of the company.

The hotelier in its corporate action with the NSE said March 30 is its closure date of register of members; while annual general meeting (AGM) and payment date has been scheduled for April 15 and 17 respectively.

THP had September last year sought fresh funds of 8.0 billion naira by offering 800,000,000 ordinary shares of 50 kobo each at N10.00 per share; but raised only N4.2 billion.

Subsequently, shares of the company worth N4.2 billion were admitted on the Daily Official List (DOL) of the NSE middle of January 2015.

Thus, the company became the first to list on the Nigerian bourse in 2015; and coming on the heels of an Initial Public Offering (IPO) it opened in late September, 2014.

At the close of business today on the Nigeria bourse, share price of Transcorp lost 0.06 kobo, declining by 2.20 percent.