Sri Lanka’s Asian Hotels and Properties Sept quarter net down 95-pct

In August most beaches in the West and South coasts are caught in Monsoon rains. The East is sunny.

ECONOMYNEXT- Sri Lanka’s Asian Hotels and Properties said net profits fell 95 percent to 10.6 million rupees in the September 2019 quarter from a year ago as it continued to feel the impact of a slump in tourist arrivals after the Easter Sunday bombings.

Quarterly sales of the city hotel and property development arm of John Keells Holdings fell 22 percent to 1.5 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 02 cents.

In the six months to September 2019, the firm made a loss per share of 72 cents with a net loss of 318 million rupees and sales down 34 percent to 2.4 billion rupees.
(COLOMBO, 29 October 2019)

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