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Sri Lanka’s Jetwing Symphony Sep losses widen 11.9-pct

ECONOMYNEXT- Sri Lanka’s Jetwing Symphony Plc, a holding company for some of the newer equity owned hotels of Sri Lanka’s Jetwing Group, saw its net losses deepen 11.9 percent from a year earlier to 81.7 million rupees in the September 2018 quarter, with currency losses in converting a foreign loan, interim accounts showed.

The loss per share for the quarter was 16 cents. In the six months to end September the loss per share was 47 cents on a net loss of 236.9 million rupees, up 2 percent from a year earlier.  

The stock was trading flat at 13 rupees Thursday.

Arrivals to Sri Lanka during the quarter increased 4.8 percent to 567,275 tourists from a year earlier.

In the quarter, Jetwing Symphony’s revenue grew 36 percent from a year earlier to 520.3 million rupees, while cost of sales were up 17 percent to 81.4 million rupees, leading to gross profits increasing 39.9 percent to 439 million rupees.

Administrative expenses grew 23 percent to 234.2 million rupees.

The biggest hit on profits came from the exchange loss from the conversion of a foreign currency loan at 83.4 million rupees, falling from a gain of 2.3 million rupees a year ago.

The rupee has faced sharp depreciation since August amid central bank liquidity mismanagement.

The firm’s total assets at the end of September stood at 10 billion rupees, down marginally from 10.2 billion rupees at the start of the financial year in April.

Long and short-term borrowings totaled 4.3 billion rupees, unchanged from 6 months earlier.

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The firm operates five Jetwing hotels, while one more is under construction. It went public last December to finance construction and settle past debt. (Colombo/Nov01/2018)

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