Sri Lanka Asian Hotels & Properties December net down 21-pct

EconomyNext – Sri Lanka’s Asian Hotels and Properties said net profit for the quarter ended 31st December, 2014 fell 21 percent to 478 million rupees from a year ago as costs rose and a tax holiday ended.

Quarterly earnings per share fell to 1.08 rupees from 1.36 rupees during the period. Sales in the third quarter were down one percent at 2.2 billion rupees from the year before.

The company said in a stock exchange filing a 10-year tax holiday had ended in 2014.

It said the company computes the income tax payable at two percent of turnover with effective from 1st April 2014.

Most of the profits came from the firm’s leisure sector which has two five-star city hotels in Colombo under the ‘Cinnamon Hotels and Resorts’ brand.

The property sector of the firm, a unit of John Keells Holdings, earns money on rental income from the investment property adjoining the hotel.

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