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Sri Lanka John Keells Hotels December net down 11-pct

ECONOMYNEXT – Sri Lanka’s John Keells Hotels said net profit fell 11 percent to 182 million rupees in the December 2018 quarter from a year ago as some of its resorts remained closed for refurbishment during part of the peak tourism season.

Group sales fell three percent to 1.9 billion rupees in the period, according to interim results filed with the stock exchange.

Earnings per share were 13 cents during the quarter. The share closed at 7.50 rupees Tuesday, down 10 cents or 1.32 percent.

Sales and profits rose at John Keells Hotels’ Sri Lankan resorts while sales and profits fell at its Maldivian properties during the quarter.

The firm made a loss per share of five cents in the nine months to December 2018 with sales down six percent to 7.4 billion rupees.

A note to the accounts said other operating expenses for the nine months include the effect of non-recurring expenses of 180 million rupees from impairment loss of non-financial assets due to the closure of Cinnamon Hakuraa Huraa Maldives for refurbishment from May 2018.

Ellaidhoo Maldives by Cinnamon owned by Travel Club (Pte) Ltd. was partially closed for refurbishment from June 2018 till October 2018.
(Colombo/January 30/2019)

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