Kandy Hotels Co (1938) PLC, a member of the Galle Face Hotels Group and owners and Operators of 'Queens Hotel' and 'Hotel Suisse' in Kandy, have reported a 25% fall in group profits to Rs 86 million for the nine months to 31December 2013, despite revenue remaining largely unchanged at Rs 352 million.
The group incurred a joint venture loss of Rs 5 million during the period. The group has invested Rs 132 million in joint venture projects. The company had reduced its investments from 32 million to Rs 913,000 since the last audited balance sheet date on 31March.
The stated capital of the company is Rs 16,750,000. The number of shares representing the stated capital 577,500,000 ordinary shares and 50,000 fully paid 15% preference shares.
The land, buildings, plant & machinery, motor vehicles, equipment, swimming pool and furniture and fittings of Queen's Hotel and Hotel Suisse were revalued on 30 July 2008, giving a revaluation surplus of Rs 1,656 million. In 2011 the shares were sub divided with one share divided into 35 shares.
In 2013 a major refurbishment was undertaken, with 120 rooms to be built behind Hotel Suisse at an estimated cost of US$ 12 million in addition to Rs 1.5 billion on Queens Hotel and Hotel Suisse.
The main shareholder is the Ceylon Hotels Corporation which has a 76% stake. Ceylon Hotel Holdings hold 9.7%. The public holdings as at 31 December 2013 is 9.05%. Cyril Gardiner Ltd., holds 1.4%, while Director S. Gardiner has 87,500 shares. The shares traded between Rs 8.50 and Rs 7 during the last quarter.
www.ceylontoday.lk
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