Sri Lanka Keells Hotels December net down 8-pct
EconomyNext – Sri Lanka’s John Keells Hotels said December 2014 quarter net profit fell eight percent to 418 million rupees from a year ago as bookings in the peak winter months were hit by troubles in key tourist origins.
Sales of the firm, a unit of the John Keells Holdings conglomerate, were stagnant at 2.8 billion rupees during the quarter when bookings were also affected by local presidential polls.
A stock exchange filing said quarterly earnings per share fell to 29 cents from 31 cents with profits down in both Sri Lankan and Maldivian resorts while sales were up in the former and down in the latter.
In the nine months ended 31st December 2014 net profit shot up 49 percent to 888 million rupees with a six percent rise in sales to 7.9 billion rupees from the year before. EPS for the nine months went up to 61 cents from 41 cents.
Economic volatility in Russia and continuing unrest in Ukraine had a "significant negative impact" on the occupancies of both the Maldivian and Sri Lankan resorts in the peak booking periods of November and December, the group has said.
The performance of the Sri Lankan resorts was further impacted by the timing of the presidential election which was held in January 2015.