ECONMYNEXT – Sri Lanka’s Trans Asia Hotels, which operates the 5-star Cinnamon Lakeside Hotel, said September 2016 quarter net profit was Rs168 million compared with a loss of Rs38 million a year ago.
Sales of the firm, owned by John Keells Holdings group, rose 66% to Rs846 million over the period, interim accounts filed with the stock exchange showed.
Net profit for the six months to September 2016 was Rs259 million against a loss of Rs70 million the year before.
For the six months Trans Asia Hotels declared earnings per share of Rs1.29 compared with a loss per share of Rs0.35 the year before.
Trans Asia Hotels also derives rental income from the investment property adjoining the hotel.
Cinnamon Lakeside was partly closed more than half the year last year for refurbishment, with a dedicated floor for Chinese tourists being built and the firm employing Mandarin speaking guest relations officers.
It has started targeting tourists from India and China, the two biggest markets, helping push up occupancy.
(COLOMBO, October 27, 2016)