Tourist Company of Nigeria, the current owners of Federal Palace Hotel Plc released its Audited Financial Statements for the year ended June 2012. This is their first full year (12months) accounts since it changed its reporting date to July1 Y’O to June 30 Y’N. The company posted a negative operational profit of N314million as huge operational cost of N2.2billion eroded their gross profit of about N1.9billion. It will be interesting to find out what constitutes their admin expenses at it came to 120% of Gross Profit and about 64.7% of Revenue. The company posted a pre-taxloss of N671m at the end of the period.
Tourist Company of Nigeria’s audited accounts for 2012 is posted on the website of the Nigerian Stock Exchange. Their annual report may be available after their AGM slated for the 31st of October 2012 at the Federal Palace Hotel. Their share price remain unchanged at N4.53.