ECONOMYNEXT- Sri Lanka’s Asian Hotels and Properties Plc (AHPL) plunged into a net loss of 328.3 million rupees in the June quarter from a 64.9 million rupee profit a year earlier, the firm said, after the Easter Sunday bombings.
The firm, a part of the John Keells Group operating its Cinnamon brand city hotels in Colombo, posted a loss per share of 74 cents, its interim financial report showed.
AHPL’s share closed at 42.70 rupees on Friday, up 2.70 rupees.
Cinnamon Grand, an AHPL property, was one of the three luxury hotels bombed by Jihadist terrorists in the Easter Sunday attack.
Tourist arrivals to Sri Lanka plunged in the following months, down 71 percent in May and 57 percent in June.
John Keells Group Chairman Krishan Balendra on Thursday said that Cinnamon hotels’ advance bookings in Sri Lanka, including its hotels outside Colombo were 75 percent of the levels seen last year, showing signs of recovery.
AHPL’s revenue for the June quarter fell 48 percent from a year earlier to 861 million rupees, while cost of sales fell 23 percent to 629.2 million rupees and gross profits fell 72 percent to 2319 million rupees.
Finance costs fell 48 percent to 3.9 million rupees. Tax expenses were down 92 percent to 3.7 milion rupees.
Borrowings remained unchanged at 165.5 million rupees in June, from the start of the financial year three months earlier.