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Nigeria's Transcorp reports 122 pct first-half profit leap

Reuters

LAGOS (Reuters) - Nigerian conglomerate Transcorp increased half-year pretax profit by 122 percent rise to 8.01 billion naira ($49.4 million), it said in a filing with the Nigerian Stock Exchange on Monday. Transcorp, which on Saturday announced plans to expand its hotel business in Nigeria to tap a growing market for business travellers to Africa's biggest economy, also reported turnover of 21.21 billion naira in the first half of the year, against 7.67 billion naira in the same period last year. ($1 = 162.1000 Nigerian Nairas) (Reporting by Oludare Mayowa; Editing by Chijioke Ohuocha)