Sri Lanka’s Asian Hotels & Properties Sept quarter net up 45-pct

ECONOMYNEXT – Sri Lanka’s Asian Hotels & Properties said group net profit for the September 2016 quarter rose 45 percent to Rs546 million from a year ago.

Sales of the company, which operates the Cinnamon Grand Hotel and the Cinnamon Lakeside Hotel in Colombo, rose 25 percent to Rs2.4 billion over the same period.

Interim accounts filed with the stock exchange showed a 46 percent increase in tax costs to Rs67 million. September 2016 quarter earnings per share were Rs1.23.

The bulk of profits came from the group’s two five-star city hotels in Colombo under the  Cinnamon brand. It also operates  a property segment concentrating primarily on rental income derived from Crescat Boulevard shopping mall adjoining the Cinnamond Grand hotel.
EPS for the six months to September 2016 were Rs2, with net profit up 30 percent to Rs884 million on 20 percent growth in sales to Rs4.3 billion.
(COLOMBO, Oct 31, 2016)

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