By InvestAdvocate
Lagos (INVESTADVOCATE)-Nigeria’s top conglomerate, Transnational Corporation of Nigeria Plc said on Friday it has posted a loss after tax of N12.2 billion for the half-year (H1) period ended June 30, 2016 compared to N4.3 billion gain a year ago.
Similarly, the conglomerate declared a loss before tax of N11.2 billion compared to N5.2 billion reported the same period of 2015.
However, revenue of Transcorp increased from N20.25 billion in the H1 period of 2015 to N24.8 billion recorded in the current period of 2016; indicating a 22.8 percent, the nation’s top conglomerate said in a filing with the Nigerian Stock Exchange (NSE).
This is coming on the heels of an earlier issued profit warning today by Transcorp that its earnings will be negatively affected following impact unrealised foreign exchange loss and naira devaluation on its power subsidiary, Transcorp Power Limited.
”The foreign exchange loss of N14 billion was due to exposure of the Group to USD obligation following the devaluation of the Naira from A N197/$ 1 to N282.5/$ I,” Transcorp said.
