Hilton reports Rs. 55 mln profit

State-owned Hotel Developers PLC (HDEV), the owning company of Colombo Hilton, has made a Rs. 55 million net profit for 1Q2016, against the loss of Rs. 35 million for the corresponding period of last year, its results show. The company has commenced a major refurbishment of the hotel from October 2014 which will see improvements in the property including rooms, food and beverage outlets and meeting spaces. “This programme is budgeted at US$35 million and will be financed by a USD loan amounting to $27 million and the balance from internally generated funds of $8 million,” the company has said. Government officials have said that preparations are underway to seek a buyer for the government stake in the entity.
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