Tourist Co. of Nigeria PLC said its normalized net income for the fiscal first quarter ended Sept. 30 came to a loss of 129.5 million nairas, compared with a loss of 165.6 million nairas in the prior-year period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin rose to negative 19.5% from negative 19.7% in the year-earlier period.
Total revenue declined 20.8% year over year to 665.2 million nairas from 839.7 million nairas, and total operating expenses decreased 23.0% year over year to 772.1 million nairas from 1.00 billion nairas.
Reported net income totaled a loss of 207.1 million nairas, or a loss of 9 kobo per share, compared to a loss of 265.0 million nairas in the prior-year period.
As of Oct. 15, US$1 was equivalent to 164.50 nairas.
