Ceylon FT: Galadari Hotels (Lanka) PLC reported a net profit of Rs 286 million for the year ended 31 December 2013, after reporting a Rs 861 million loss a year ago.
“The main contribution to this performance came from the restructuring of the company’s balance sheet, which resulted in the conversion of an Rs 7.2 billion loan of Galadari Brothers Co. LLC into equity,” Chairman Khaled Soliman told shareholders in the 2013 annual report released this week.
“Another noteworthy achievement in 2013 was the repayment of Rs 263.6 million to the Treasury as part settlement of the long outstanding loan to the Government of Sri Lanka, the remaining amount of Rs 263.6 million has been paid in 2014,” he said.
The Employees’ Provident Fund (EPF) was the third largest shareholder with a 4.73% stake as at 31 December 2014.
www.ceylontoday.lk
“The main contribution to this performance came from the restructuring of the company’s balance sheet, which resulted in the conversion of an Rs 7.2 billion loan of Galadari Brothers Co. LLC into equity,” Chairman Khaled Soliman told shareholders in the 2013 annual report released this week.
“Another noteworthy achievement in 2013 was the repayment of Rs 263.6 million to the Treasury as part settlement of the long outstanding loan to the Government of Sri Lanka, the remaining amount of Rs 263.6 million has been paid in 2014,” he said.
The Employees’ Provident Fund (EPF) was the third largest shareholder with a 4.73% stake as at 31 December 2014.
www.ceylontoday.lk
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