By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-Hospitality firm, Transcorp Hotels Plc said on Thursday its first quarter (Q1) 2015 pretax profit declined42.8 percent to N1.02 billion from N1.78 billion recorded in the Q1 of 2014.

Also, profit for the period dipped 35 percent to N790.41 million from N1.21 billion reported in the same period of 2014.

In the same vein, revenue dropped from N4.007 billion in the first quarter of 2014 to N3.094 billion; indicating a depreciation of 23 percent, Transcorp Hotels said in a filing with the Nigerian Stock Exchange (NSE).