Sri Lanka’s Lighthouse Hotel December net up 44-pct

ECONOMYNEXT – Sri Lanka’s Lighthouse Hotel, part of the Jetwing Hotels group, said net profit rose 44 percent to 50 million rupees in the December 2015 quarter from a year ago.

Sales rose 14 percent to 225 million rupees over the period, interim results filed with the stock exchange showed.
Earnings per share of the hotel, in which a state pension fund and two banks hold 24 percent, were 1.02 rupees for the December 2015 quarter.

EPS for nine months ending December 2015 fell six percent to 1.17 rupees although sales went up seven percent to 543 million rupees with the firm suffering a foreign exchange loss of 11 million rupees from conversion of a foreign currency loan.

The accounts show the Employees Provident Fund has an 11.05 percent stake of Lighthouse Hotel, Bank of Ceylon 9.78 percent and National Savings Bank 3.43 percent.

A note to the accounts said construction of an additional four dwellings with a new swimming pool at Jetwing Kurulubedda, a boutique hotel in Galle, had been completed and in operation from October, 2015.

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