Sri Lanka’s Aitken Spence Hotel June quarter losses rise 22-pct

ECONOMYNEXT –Sri Lanka’s Aitken Spence Hotel Holdings reported losses rose 22% from a year ago to Rs270 million in the June 2018 quarter, two months of which are considered off season both in local and overseas resorts.

Group sales rose 2.8% to Rs3.6 billion over the period, according to interim accounts filed with the stock exchange.

The loss per share rose to 81 cents for the June quarter. The share was trading at Rs27.10 mid-Friday, down 3.2% or 90 cents.

The accounts showed sales were only marginally higher in the quarter in both the Aitken Spence Hotel group’s Sri Lankan and overseas hotels classified as South Asia and the Middle East.

The losses came mainly from the group’s Sri Lankan hotels which were sharply higher while losses from overseas hotels were virtually the same as the previous year.

(COLOMBO, 10 August, 2018)

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