Sri Lanka Asian Hotels and Properties September net down 48-pct
ECONOMYNEXT- Sri Lanka’s Asian Hotels and Properties Plc, the city hotel and property development arm of John Keells Holdings, said net profits halved from a year earlier to 214.8 million rupees in the September quarter on falling sales.
The company reported earnings of 49 cents a share in the quarter. In the six months to end September 2018, earnings were 63 cents a share on a profit of 279.7 million rupees, down 60 percent from a year earlier.
Asian Hotels and Properties was trading 50 cents higher Tuesday at 42.50 rupees.
In the quarter, sales fell 14 percent from a year ago to 2 billion rupees, while cost of sales fell 10 percent to 873.6 million rupees, leading to gross profits falling 17 percent to 1.1 billion rupees.
Revenue from the leisure arm, which includes the Cinnamon Grand and the Cinnamon Lakeside, fell 14.7 percent to 1.9 billion rupees, while net profits fell 58.4 percent to 201.3 million rupees.
Revenue from the property arm was flat at 102.8 million rupees while net profits increased 20.3 percent from a year ago to 56.1 million rupees.
The balance sheet showed little change from the start of the financial year six months earlier, with total assets of 41.3 billion rupees and net assets per share of 42 rupees. (COLOMBO, 30 October 2018)