Nigerian Stock Exchange: Staco Insurance, Ikeja Hotel Plc declare results.
May 29th, 2008 Ikechukwu Emelike || ikechukwu@stockmarketnigeria.com
By Ikechukwu Emelike.
Companies have continued to release their results for the first three months of this year. yesterday Staco insurance Plc and Ikeja Hotels plc made available their first quarter results to the floor of the Nigerian Stock Exchange.
Staco Insurance Plc.
Staco insurance plc made public its unaudited first quarter result for the period ended March 31, 2008. A breakdown of the results which appears impressive showed that the company was able to increase its turnover for the period by 117.75 percent from N0.569 billion in the same period in 2007 to N1.239 billion in 2008.
Profit before tax grew by 163.60 percent during the period under review from N0.250 billion in 2007 to N0.659 billion in 2008. After tax profit moved from N0.224 billion in 2007 to N0.593 billion in the same period in 2008 signifying an increase of 164.73 percent.
Ikeja Hotel Plc.
Ikeja Hotel plc also released its unaudited result for the first quarter ended March 31,2008. Highlights of the just released results showed that turnover grew by 18.03 percent from N1.320 billion in the same period in 2007 to N1.558 billion in the first three months of 2008. Profit before tax increased by 39.71 percent from N0.272 billion in 2007 to N0.380 billion in 2008. After tax profit also appreciated by 39.46 percent from N0.185 billion in 2007 to N0.258 billion in 2008.
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