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LAGOS, July 21 Nigerian conglomerate Transcorp
reported that half-year pretax profit more than
doubled to 8.01 billion naira ($49.4 mln), with its chief
executive citing strong performance from hotel and power assets.
Transcorp's flagship hotel, managed by the Hilton
group in Nigeria's capital city Abuja, was the main venue for an
African version of the World Economic Forum that takes place
annually in Davis, Switzerland.
The hotel achieved strong revenue growth through increased
traffic during the World Economic Forum for Africa event in May,
CEO Obinna Ufudo said in a statement on Monday.
He also highlighted a revenue-boosting rise in output from
the power plant Transcorp acquired in a government privatisation
last November. The plant lifted output to 453 megawatts during
the six-month period to June 30, up from 160 megawatts when it
Ufudo said the company was on course to expand capacity at
the plant to 715 megawatts by the end of the year.
Shares in Transcorp, which have gained 33 percent this year,
fell 3.55 percent to 5.70 naira on Monday.
The conglomerate, which also has interests in agribusiness,
oil and gas, on Saturday announced plans to invest about $200
million to expand its hotel network and power generation
capacity in Africa's biggest economy.
Transcorp reported turnover of 21.2 billion naira for the
half-year, up 177 percent from 7.7 billion naira the previous
($1 = 162.10 naira)
(Reporting by Oludare Mayowa; Editing by Chijioke Ohuocha and