By J Kurukulasuriya
'Other Current Financial Assets' fell Rs 99 million since the last audited Balance Sheet date.
Ceylon FT: The Lighthouse Hotel Plc, a member of the Jetwing Group of hotels, reported a net profit of Rs 39 million, down 29% as compared to the corresponding previous period, interim results for the nine months to 31 December 2013 show.
But the company noted that five months of the period under review, related to the off-season of the tourism industry, and in the three months to 31 December, profits were up 35%.
Overall revenue improved by four per cent to Rs 430 million in the nine month period, and grew by 11% in the last quarter.
In anticipation of improved showings in the near future, it reported that the construction of an additional 20 deluxe rooms, two suites, three spa rooms, a new restaurant and a bar have now been completed; and the new rooms, except the Spa rooms, have all been in operation since January 2014.
A marked Rs 2.5 million fall in finance income, and a fall of more than Rs 4.5 million in other income, affected the results, along with increases in finance costs from Rs 25,000 to 440,000, most of which was incurred in the last quarter.
The Balance Sheet of the company indicates that it incurred interest bearing loans & borrowings of over Rs 100 million since the last audited Balance Sheet date, 31 March, indicative of the hotel's investment in its new rooms.
But the company noted that five months of the period under review, related to the off-season of the tourism industry, and in the three months to 31 December, profits were up 35%.
Overall revenue improved by four per cent to Rs 430 million in the nine month period, and grew by 11% in the last quarter.
In anticipation of improved showings in the near future, it reported that the construction of an additional 20 deluxe rooms, two suites, three spa rooms, a new restaurant and a bar have now been completed; and the new rooms, except the Spa rooms, have all been in operation since January 2014.
A marked Rs 2.5 million fall in finance income, and a fall of more than Rs 4.5 million in other income, affected the results, along with increases in finance costs from Rs 25,000 to 440,000, most of which was incurred in the last quarter.
The Balance Sheet of the company indicates that it incurred interest bearing loans & borrowings of over Rs 100 million since the last audited Balance Sheet date, 31 March, indicative of the hotel's investment in its new rooms.
'Other Current Financial Assets' fell Rs 99 million since the last audited Balance Sheet date.
The share price fluctuated between a high of Rs 44.90 and low of Rs 39.10 during the quarter ended 31 December.
Jetwing Hotels Management Services (Pvt) Ltd., is the largest shareholder of The Lighthouse Hotel, with a stake of 37%, followed by Mercantile Investments and Finance PLC, which hold 17%. The EPF is the 3rd largest holder, with 11% of the shares, and Bank of Ceylon holding 10%.
www.ceylontoday.lk
Jetwing Hotels Management Services (Pvt) Ltd., is the largest shareholder of The Lighthouse Hotel, with a stake of 37%, followed by Mercantile Investments and Finance PLC, which hold 17%. The EPF is the 3rd largest holder, with 11% of the shares, and Bank of Ceylon holding 10%.
www.ceylontoday.lk
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