Sri Lankaâ€™s Asian Hotels and Properties March net down 17-percent
ECONOMYNEXT – Sri Lanka’s Asian Hotels and Properties, which operates Cinnamon Grand Colombo and Cinnamon Lakeside Colombo hotels, said net profit fell 17% to Rs689 million in the March 2018 quarter from a year ago.
March quarter sales fell six percent to Rs2.2 billion over the period, according to interim accounts filed with the stock exchange.
Earnings per share of the firm, part of the John Keells Holdings group, fell to Rs1.56 from Rs1.87 the previous year.
Asian Hotels and Properties share was last traded at Rs49, down Rs2.80 or 5.41%.
Full year EPS fell to Rs3.81 from Rs5.12 with net profit down 26% to Rs1.7 billion while sales were down five percent to Rs8.6 billion from the year before.
The accounts showed sales and profits from Asian Hotels and Properties’ two hotels were lower during the year.
However, profit from the property business, Crescat Boulevard shopping mall from which it earns rents, rose despite stagnant sales on gains in investment property fair value.
(COLOMBO, May 28, 2018)