Sri Lankaâ€™s Trans Asia Hotels March net up 45-pct
ECONOMYNEXT – Sri Lanka’s Trans Asia Hotels said March 2017 quarter net profit rose 45% to Rs447 million from a year ago with annual earnings also up sharply in the first full year of operations after being partly closed for refurbishment. .
Sales of the firm, which owns Cinnamon Lakeside Hotel, a five star hotel in Colombo, rose 3% to Rs853 million, according to interim accounts filed with the stock exchange.
Quarterly earnings per share of Trans Asia, owned by Asian Hotels and Properties, which is part of John Keells Holdings, rose to Rs2.24 from Rs1.54 a year ago.
EPS for the financial year ended 31 March 2017 were Rs4.54 with net profit at Rs907 million, up 183% from the year before when Cinnamon Lakeside Hotel had been partially closed for refurbishment for six months.
(COLOMBO, May 29, 2017)