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Sri Lanka’s Taj Samudra Hotel owner in the red

ECONOMYNEXT – TAL Lanka Hotels, the owner of five-star Taj Samudra Hotel in Colombo, said it made a loss of 15.8 million rupees in the March 2018 quarter, compared to a 1.2 million profit a year earlier, on higher taxation, falling revenue and rising marketing and administrative costs.

The company which also manages the Airport Garden Hotel reported a loss of 11 cents per share in the quarter.  The stock was trading 40 cents lower at 15.80 rupees on Wednesday.

It reported earnings of 68 cents a share in the year ending March 2018 on a profit of 94.9 million rupees, down 9 percent from a year ago, interim accounts filed with the Colombo Stock Exchange showed.

Revenue fell 6 percent from a year earlier to 654.5 million rupees in the March 2018 quarter which is part of the peak tourism season, direct costs were flat at 500.5 million rupees, constricting gross profits by 21 percent to 154 million rupees.

Marketing expenses rose 37 percent to 17.9 million rupees and administrative expenses increased 25 percent to 74.8 million rupees. Finance costs declined 12 percent to 60.9 million rupees.

Income tax expenses rose to 33.4 million rupees in the quarter, compared to 4.4 million rupees the previous year.

A loss of 25.5 million rupees for a re-measurement of defined benefit plans resulted in a total comprehensive loss of 41.8 million rupees. (COLOMBO, 02 May, 2018)

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