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Ikeja Hotels’ Q1 2015 result records N141.775m profit

Bonny Amadi

Ikeja Hotels Plc has continued on the growth path with sustained release of its outstanding results, as the company’s recently released first quarter 2015 ended 31 March showed that though earnings dropped, cost of sales and administrative expenses also dropped.

Ikeja Hotels Plc unaudited interim financial statements for the first quarter ended 31 march, 2015, released by the Nigerian Stock Exchange (NSE) on Wednesday, showed that turnover grew slightly to N1, 190,645.66billion as at 31 March, 2015, from N1, 522,793.55bn recorded at the close of 2014 business year 31st December.

The result further showed that profit/ (Loss) for the period reduced to N141, 775.29m from N170, 981.00m recorded in the 2014 financial year ended 31 December.

Ikeja Hotels Plc, formerly Properties Development Limited, was incorporated on 18 November, 1972. It owns the Sheraton Lagos Hotel, a core investor in Hans Gremlin Nigeria Limited; and a shareholder in the Tourist Company of Nigeria Plc, owners of Federal Palace Hotel & Casino, Lagos.

The registered office of the company is located at 84 Opebi Road, Ikeja, Lagos. It is managed and operated by Starwood Eame License and Services Company BVBA.

Cost of sales stood at N967, 386.98m reflecting remarkable increase from N611, 955.19m recorded in 2014 financial year. However, finance costs rose to N162, 615.00m from N4, 182.93m in December 31, 2014.
Gross operating profit closed the company’s Q1 2015 at N223, 258.68, from N910, 838.36 recorded in 31 December 2014.

Ikeja Hotels recorded growth in other Income which rose to N90, 257.47m from N24, 071.77m posted in 31st December, 2014. According to the result, sales and distribution expenses declined to N60, 818.97m, from N71, 251.89m as at 2014 financial year end.

The company’s administrative expenses dropped to N231, 857.46m, against N608, 032.66m in 2014 financial year end. Result from operating activities closed lower at N20, 839.71m against N255, 625.57m as at 2014 financial year end.

The result showed that property, plant and equipment as at the end of March 2015, stood at N4, 470,515, Which Was against N4, 473,433 recorded as at the end of the 2014 financial year 31 December.

Capital Work-in-Progress as at 31st March 2015 was N 826,452, from N657, 669 in December 2014 . Total Equity & Reserves closed at N6, 895,125m from N7, 036,900m recorded in 2014 December31, Total non-current liabilities closed at N8, 101,811m, from N7, 849,556m in 2014, while total current liabilities stood at N3, 491,192m from N3, 391,777m in December 2014.

The result further showed that the company’s investment in subsidiaries as at 31 March, 2015, was N4,440,919bn; 31 December 2014; N4, 440,919bn;

Loans and receivables stood at N2, 975,835bn, from N2, 773,405bn as 31 December , 2014, while total non-current assets stood at N14, 074,891bn against N13, 729,596bn in December 2014. The hotel’s total assets as at the end of Q1 2015 close at N18, 488,128bn, from N18, 278,233bn in December 2014.

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