By J.Kurukulasuriya
Ceylon Finance Today: Recently released results of The Kandy Hotels Co (1938) PLC, shows steady growth of group profit after tax of 31%, reaching Rs 69 million for the six months to 30 September 2014 as compared to the same 2013 period. The company itself made a profit of Rs 81 million in the period.
However, there are several deceased persons on the list of top 20 shareholders — N.V.S. Saackville, P.R.Frossard, Edonard Laravoire, and J.E.I Perera — are all deceased shareholders as per the company's report. Recently, Ceylon FT drew attention to the fact that red tape and bureaucracy at the Central Depository System hindered the representatives of deceased shareholders from selling their shares (particularly when they are foreigners), and predominance of deceased shareholders on the lists of several 'older' companies on the CSE, suggest this.
Kandy Hotels Co, the Co-owners and operators of 'Queens Hotel' and 'Hotel Suisse' in Kandy, are members of the Galle Face Hotels Group, Chaired by Sanjeev Gardiner.
The company has performed remarkably well last year, surpassing all previous records with a turnover of Rs 548 million for the year ended 31 March 2013, and are on target to exceed that in 2014. Hotel Suisse had a turnover of Rs 301 million in 2013, while Queen's Hotel too performed well to have a turnover of Rs 246 million.
Group net finance cost was only Rs 175,000, as compared to Rs 1.12 million in the corresponding period last year, reflecting the way many businesses have benefitted from the prevailing low interest rates and 'cheap' money.
Cash and cash equivalents held by the group have grown to Rs 35 million from the Rs 21 million as at the audited balance sheet date of 31 March. Despite the fall in finance costs, the bank overdraft as at the balance sheet date has increased from Rs 421,000 at 31March, to Rs 28 million on 30 September.
Holders of the 50,000 fully paid 15% cumulative Preference Shares of the company continue to reap rich rewards invariably receiving their 15% dividend each year, at a time when bank interest from fixed deposits are low.
The balance sheet reflects very solid reserves of Rs 5,572 million, plus retained earnings of Rs 476 million as against a Stated Capital of only Rs 16.8 million.
The group has Investment in a joint venture of Rs 186 million.
The shares traded at a high of Rs 10.70 during the quarter, compared to a high of Rs 9.50 in 2013. It fell to a low of Rs 6.80 in the quarter.
The public share Holdings as at 30 September 2014 was 9.05% and there were 1,557 shareholders.
The Ceylon Hotels Corporation PLC holds 77% of shares, Hotel International Ltd., holds 2.7%, and Ceylon Hotels Holdings Pvt Ltd., 9.78%.
www.ceylontoday.lk
Ceylon Finance Today: Recently released results of The Kandy Hotels Co (1938) PLC, shows steady growth of group profit after tax of 31%, reaching Rs 69 million for the six months to 30 September 2014 as compared to the same 2013 period. The company itself made a profit of Rs 81 million in the period.
However, there are several deceased persons on the list of top 20 shareholders — N.V.S. Saackville, P.R.Frossard, Edonard Laravoire, and J.E.I Perera — are all deceased shareholders as per the company's report. Recently, Ceylon FT drew attention to the fact that red tape and bureaucracy at the Central Depository System hindered the representatives of deceased shareholders from selling their shares (particularly when they are foreigners), and predominance of deceased shareholders on the lists of several 'older' companies on the CSE, suggest this.
Kandy Hotels Co, the Co-owners and operators of 'Queens Hotel' and 'Hotel Suisse' in Kandy, are members of the Galle Face Hotels Group, Chaired by Sanjeev Gardiner.
The company has performed remarkably well last year, surpassing all previous records with a turnover of Rs 548 million for the year ended 31 March 2013, and are on target to exceed that in 2014. Hotel Suisse had a turnover of Rs 301 million in 2013, while Queen's Hotel too performed well to have a turnover of Rs 246 million.
Group net finance cost was only Rs 175,000, as compared to Rs 1.12 million in the corresponding period last year, reflecting the way many businesses have benefitted from the prevailing low interest rates and 'cheap' money.
Cash and cash equivalents held by the group have grown to Rs 35 million from the Rs 21 million as at the audited balance sheet date of 31 March. Despite the fall in finance costs, the bank overdraft as at the balance sheet date has increased from Rs 421,000 at 31March, to Rs 28 million on 30 September.
Holders of the 50,000 fully paid 15% cumulative Preference Shares of the company continue to reap rich rewards invariably receiving their 15% dividend each year, at a time when bank interest from fixed deposits are low.
The balance sheet reflects very solid reserves of Rs 5,572 million, plus retained earnings of Rs 476 million as against a Stated Capital of only Rs 16.8 million.
The group has Investment in a joint venture of Rs 186 million.
The shares traded at a high of Rs 10.70 during the quarter, compared to a high of Rs 9.50 in 2013. It fell to a low of Rs 6.80 in the quarter.
The public share Holdings as at 30 September 2014 was 9.05% and there were 1,557 shareholders.
The Ceylon Hotels Corporation PLC holds 77% of shares, Hotel International Ltd., holds 2.7%, and Ceylon Hotels Holdings Pvt Ltd., 9.78%.
www.ceylontoday.lk
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