Sri Lanka’s Asian Hotels and Properties December quarter net down 20-pct

ECONOMYNEXT- Sri Lanka’s Asian Hotels and Properties, the city hotel and property development arm of John Keells Holdings, said net profits fell 20 percent to 245 million rupees in the December 2018 quarter from a year ago.

Quarterly sales fell six percent to 2.1 billion rupees over the same period, interim accounts filed with the stock exchange showed.

The firm, which operates Cinnamon Grand Colombo and Cinnamon Lakeside Colombo and Crescat Boulevard shopping mall, reported earnings per share (EPS) of 55 cents.

In the nine months to December 2018, EPS was 1.19 rupees with net profit down 47 percent to 525 million rupees and sales down 11 percent to 5.7 billion rupees.

Shares of the firm, which has been facing competition from new city hotels recently, last traded at 41 rupees.
The accounts showed profits were lower from both its hotels and property businesses in the December 2018 quarter and first nine months of the financial year. 
(Colombo/January 31/2019 – SB)


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