Sri Lankaâ€™s Trans Asia Hotels December quarter net Rs202mn
ECONOMYNEXT – Sri Lanka’s Trans Asia Hotels said December 2016 quarter net profit shot up 147% to Rs202 million from a year ago when its Cinnamon Lakeside hotel had been partly closed for refurbishment. .
Sales rose 27% to Rs894 million in the period, according to interim accounts filed with the stock exchange.
The main activity of Trans Asia Hotels is operating the five-star Cinnamon Lakeside Hotel which was partially closed more than half the year for refurbishment in 2015, reducing revenue and profits.
The share was last traded at Rs78. Net profit for the nine months ending December 2016 was Rs461 million, up from Rs12 million the year before, with earnings per share rising to Rs2.30 from six cents.
The firm also derives rental income from the investment property adjoining the hotel.
(COLOMBO, Jan 30, 2016)