Ikeja Hotel Plc recorded a loss of NGN404.1 million in three months of Q3 2020, outlining the disastrous performance of the company this year. Also, AllNews gathered that Ikeja Hotel revenue fell by -78.9% as the company generated NGN697.1 million in Q3 2020, failing to surpass the NGN3.3 billion revenue generated in the same period last year.
This was gathered in the earnings report of Ikeja Hotel seen by AllNews. Aside from the revenue, the company's grossed profit for 2020 Q3 also nosedived by -90.3% despite Ikeja Hotel's cost of sales declining within the period under review. The company reported that its Gross Profit was NGN105.8 million, failing to surpass the NGN1.10 billion reported for the corresponding period of 2019 Q3.
The decline in both revenue and profit occurred at a time Ikeja Hotel was able to reduce its cost of sales to NGN803.03 million in the third quarter of 2020, whereas, in the corresponding period of last year's third quarter, the company reported NGN2.2 billion.
Ikeja Hotel recorded a loss of NGN404.1 million in Q3 this year, while in the corresponding period of last year third period, the company reported NGN605.9 million as Operating Profit. Also, it was gathered that the company recorded a loss in its Profit Before Tax of NGN624,2 million. During the same period in 2019, Ikeja Hotel posted NGN262.02 million as PBT.
The loss continued with the Profit After Tax, as Ikeja Hotel recorded a loss of NGN626.2 million in PAT during the three months of 2020 third quarter, while NGN144.6 million had been reported as Profit After Tax for the corresponding period of 2019 Q3.
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