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Transcorp Hotels, the hospitality subsidiary of Transnational Coporation of Nigeria (Transcorp), has reported that its pre-tax profits rose 15.6 percent year-on-year for the 2015 full year ended December 31, 2015.

According to its audited report and financial statements released on Thursday, Transcorp Hotels said its pre-tax profits rose to N5.38 billion in 2015, compared to N4.54 billion in 2014.

The company said its revenues fell 7.5 percent year-on-year to N13.98 billion in 2015, compared to N15.11 billion reported in 2014.

Transcorp Hotels generates revenues from hotel accommodation, food and beverages, entertainment and restaurant, and other related service fees and rental income.

The company said it sold 9.06 million rooms in 2015 compared to 9.62 million rooms in 2014. Revenues from food and beverages fell to N3.56 billion in 2015 compared to N4.19 billion in 2014. Shop rental revenues rose to N644.95 million in 2015 compared to N557.48 million in 2014. Service charges fell to N152.41 million in 2015 compared to N166.84 million in 2014. Other service fees fell to N561.17 million in 2015 compared to N569.73 million in 2014.

Transcorp Hotels completed the first and second tranches of a N30 billion bond programme in the last quarter of 2015, having raised a total of N19.758 billion. The bond programme was launched in 2014 to raise funds for complete renovation of its flagship hotel – the Transcorp Hilton, Abuja – and the completion of two Hilton hotels in Lagos and Port Harcourt.