Ikeja Hotels Plc has recorded a drop in its earnings for the half-year ended June 30, 2020.
According to the unaudited accounts presented to the investing public through the Nigerian Stock Exchange, the hospitality firm recorded a 50 per cent revenue decline of N2.9bn compared to the N5.8bn recorded in the first half of 2019.
It also recorded N177.4m as gross profit, as against N1.4bn in 2019, representing 87.7 per cent drop.
The company reported an operating loss of 356m for the first six months of the year, compared to an operating profit of N728m in 2019.
It also recorded a loss before tax of 777m in the first half of the year, compared to a profit of N341m in 2019.
More checks in the financial statements showed that the group recorded less revenue for rooms booked for the last six months.
The NSE had in November 2016 suspended trading in the shares of the company, to safeguard shareholders’ investments of following the continued dispute between the major shareholders, which had negatively impacted the company’s governance structure.
Trading in the shares of Ikeja Hotels resumed later following the lifting of the suspension placed on it by the Nigerian bourse.
