Tourist Co. of Nigeria PLC said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, amounted to a loss of 20 kobo per share, compared with a loss of 1 kobo per share in the year-earlier period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 430.9 million nairas, compared with a loss of 23.7 million nairas in the prior-year period.
The normalized profit margin dropped to negative 45.5% from negative 2.6% in the year-earlier period.
Total revenue climbed year over year to 947.9 million nairas from 910.3 million nairas, and total operating expenses climbed on an annual basis to 865.9 million nairas from 845.9 million nairas.
Reported net income came to a loss of 689.4 million nairas, or a loss of 32 kobo per share, compared to a loss of 37.9 million nairas, or a loss of 2 kobo per share, in the year-earlier period.
As of March 30, US$1 was equivalent to 199.05 nairas.
