Galadari Hotel (Lanka) PLC has made a small dent in the accumulated losses of Rs. 9.28 Billion in its balance sheet with a profit after tax of Rs. 156.6 million earned in the year ended Dec 31, 2014, down from Rs. 285.8 million earned in the previous year, according to the company’s recently released annual report.
These earnings translated to 32 cents per share against 84 cents per share earned the previous year.
The company’s chairman, Mr. Khaled Aly Soliman has said in the report that last year’s profit "reflects a sustained performance" comparable to the previous year.
He noted that the performance was "noteworthy and headed in the direction towards realizing greater potential in the coming years" and made the point that this profit had been earned in the context of developments in the political environment and the advent of new and refurbished competition in the hotel sector during the year as well as the current position of the Galadari property.
Soliman said that with Sri Lanka emerging as one of the world’s key tourism destination and the Sri Lanka Tourism Development Authority targeting 2.6 million tourist arrivals by 2016, "we see enhanced potential in the hospitality sector over the coming years."
This was likely to present both opportunities and challenges to Galadari Hotels, he said.
Galadari Brothers Company ( LLC) with 63.57% of Galadari Hotels is the controlling shareholder of the company, with several members of the Galadari family having individual holdings of slightly below 2% and 1% each. The top local shareholder is the EPF with 4.73% ranked number three among the top twenty shareholders.
The directors of Galadari Hotels are Messrs. Khaled Soliman – Chairman, Sharif Hashim Ahmed Khoory, Mohamed Hisham Al Garf, Amit Chib, Hatim Abdelaziz Mohamed, Dr. John Anthony Shivaji Felix and Lalith Rukman De Silva.
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These earnings translated to 32 cents per share against 84 cents per share earned the previous year.
The company’s chairman, Mr. Khaled Aly Soliman has said in the report that last year’s profit "reflects a sustained performance" comparable to the previous year.
He noted that the performance was "noteworthy and headed in the direction towards realizing greater potential in the coming years" and made the point that this profit had been earned in the context of developments in the political environment and the advent of new and refurbished competition in the hotel sector during the year as well as the current position of the Galadari property.
Soliman said that with Sri Lanka emerging as one of the world’s key tourism destination and the Sri Lanka Tourism Development Authority targeting 2.6 million tourist arrivals by 2016, "we see enhanced potential in the hospitality sector over the coming years."
This was likely to present both opportunities and challenges to Galadari Hotels, he said.
Galadari Brothers Company ( LLC) with 63.57% of Galadari Hotels is the controlling shareholder of the company, with several members of the Galadari family having individual holdings of slightly below 2% and 1% each. The top local shareholder is the EPF with 4.73% ranked number three among the top twenty shareholders.
The directors of Galadari Hotels are Messrs. Khaled Soliman – Chairman, Sharif Hashim Ahmed Khoory, Mohamed Hisham Al Garf, Amit Chib, Hatim Abdelaziz Mohamed, Dr. John Anthony Shivaji Felix and Lalith Rukman De Silva.
www.island.lk
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