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Transcorp of Nigeria Falls Most in a Month as Profit Slumps

May 21 (Bloomberg) -- Transnational Corp. of Nigeria Plc, which invests in hotels, agriculture and energy, fell the most in more than a month after profit for 2012 retreated 58 percent.

The stock declined for a second day, losing 7 percent to 1.20 naira by 2:20 p.m. in Lagos, Nigeria’s commercial capital, the biggest drop since April 17, according to data compiled by Bloomberg. About 20 million shares, or 94 percent of the three-month daily average volume, were traded.

Transcorp’s profit for the full year through December slipped to 2.5 billion naira ($16 million) from 5.9 billion naira a year earlier, it said today in Nigerian Stock Exchange filing. Revenue was 13.2 billion naira from 13.9 billion naira.

“Investors that held the shares, anticipating better performance, were disappointed,” Raheem Mohammed, chief executive officer of the Lagos-based Kundila Finance Ltd., said by phone. “The company didn’t declare a dividend, contrary to expectations.”

Transcorp began a sale of shares to existing investors this month as part of plans to raise 15 billion naira to refinance a power project and expand investments in oil exploration and hotels.

The stock has risen 14 percent this year, underperforming the 31 percent gain in the Nigerian Stock Exchange All-Share Index.

To contact the reporter on this story: Emele Onu in Lagos at eonu1@bloomberg.net

To contact the editor responsible for this story: Vernon Wessels at vwessels@bloomberg.net

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