ECONOMYNEXT – Profits at Sri Lanka’s Kingsbury, a Colombo hotel owned and operated by Hayleys, fell 54 percent from a year earlier to 48.8 million rupees in the peak December 2017 quarter with flat revenues and rising costs.
Kingsbury reported earnings of 20 cents per share for the quarter. In the nine months to December the hotel reported earnings of 41 cents per share on total profits of 99.9 million rupees, which fell 62 percent, unaudited interim results filed with Colombo Stock Exchange showed.
The share closed 80 cents lower at 14.10 rupees on Friday.
The company said 250,000 US dollars (38 million rupees) paid to Iconic Entertainment Pte. Ltd for a Japanese restaurant and Sky Lounge in October has not been included in the profit and loss account. It will be brought it after completion. The estimated cost is 50 million rupees
Revenues fell one percent from a year ago to 816 million rupees in the December quarter, while cost of sales grew at 14% to 425.6 million rupees, contracting gross profits by 13 percent to 390 million rupees.
Administrative expenses increased 11 percent to 286.9 million rupees. Finance expenses fell 52 percent to 19 million rupees. (COLOMBO, February 05, 2018)