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16.02.2007 Business & Finance

TRANSOL nets ¢7,426m profit

By (ghanaian-chronicle)

Transaction Solutions (Ghana) Ltd (TRANSOL) has released its un-audited results for the year ended December 31, 2006.

The company's turnover which increased by 71.10% to ¢330,257 million over a year ago, was lower than the projected ¢354,164 million as a result of delays in the floatation.

Cost of sales increased by 74.68% to ¢308,710 million largely as a result of the 20% reduction in commission by the company's major telecommunication network provider.

TRANSOL's general and administrative expenses increased by 45.65% to ¢12,218,141 million mainly due to recurrent expenditure incurred on thirteen new outlets.

At the end of the year, TRANSOL recorded a net profit of ¢7,426 million representing an increase of 23.99% over the same period last year.

The profit was however lower than the projected ¢9,838 million.