Sri Lanka Easter bombing hit at The Kingsbury total Rs93mn

ECONOMNYNEXT –  Sri Lanka’s The Kingsbury Plc, which was one of the hotels bombed on Easter Sunday, had incurred 93 million rupees in damages to assets from the terror attack, the firm said in its interim financial statement.

The hotel, part of the Hayleys Group, was among three luxury properties which were bombed, along with three churches, killing over 250 persons, including 44 foreigners.
 
The bomb at The Kingsbury hotel had been set off inside its Harbour Court main restaurant.
 
The firm said that it has already received a 70 million rupee partial insurance claim for the damages.
 
Net losses at the hotel for the June quarter rose to 250 million rupees from 7.2 million rupees a year earlier due to the bombings.
 
The hotel reported a 1.03 rupee net loss per share for the quarter. The Kingsbury share closed at 12.30 rupees on Thursday, up 20 cents.
 
During the quarter, net revenue was down 60 percent from a year earlier to 252.7 million rupees, while cost of sales fell 30 percent to 231 million rupees resulting in gross profits falling 93 percent to 21.6 million rupees.
 
Net finance costs fell marginally by 3.73 percent to 20 million rupees with a 13.4 percent drop in interest of borrowings to 94 million rupees and cash deposits shrunk 39.5 percent to 81 million rupees from a year earlier. 
 (COLOMBO, August 01, 2019)
 

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