Sri Lanka Kingsbury hotel March profit down on tax charge

ECONOMYNEXT – A sharp increase in income tax payment reduced March 2016 quarter net profit of The Kingsbury hotel owned by Hayleys Group.

Net profit for the quarter fell 2 percent to Rs75 million from a year ago, interim accounts filed with the stock exchange showed.

The hotel’s tax charge rose to Rs64 million in the March 2016 quarter from Rs7 million the year before.

Sales rose 26 percent to Rs747 million in the period. March 2016 quarter earnings per share were 31 cents.

In the year to 31 March 2016, EPS was almost stagnant at Rs1.21, with net profit at Rs293 million and sales up 12 percent to Rs2.7 billion.
(COLOMBO, May 20 2016)

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