ECONOMYNEXT – Net profit at Sri Lanka’s Asian Hotels and Properties plunged 77% to Rs81 million in the June 2018 quarter from a year ago as competition increased with the opening of new city hotels in Colombo.
June quarter sales of the firm, which operates the five-star Cinnamon Grand Colombo and Cinnamon Lakeside Colombo hotels, fell 14 percent to Rs1.7 billion over the period, according to interim accounts filed with the stock exchange.
June quarter earnings per share of the firm, part of the John Keells Holdings group, fell to 15 cents from 63 cents the previous year.
Asian Hotels and Properties share was trading at Rs45 Tuesday morning.
In the March 2018 quarter also net profit had fallen, down 17% to Rs689 million from a year ago.
Earnings in the March 2018 quarter included significant non-cash gains on changes in fair value of investment property in the firm's property business, Crescat Boulevard shopping mall.
June quarter sales of the firm, which operates the five-star Cinnamon Grand Colombo and Cinnamon Lakeside Colombo hotels, fell 14 percent to Rs1.7 billion over the period, according to interim accounts filed with the stock exchange.
June quarter earnings per share of the firm, part of the John Keells Holdings group, fell to 15 cents from 63 cents the previous year.
Asian Hotels and Properties share was trading at Rs45 Tuesday morning.
In the March 2018 quarter also net profit had fallen, down 17% to Rs689 million from a year ago.
Earnings in the March 2018 quarter included significant non-cash gains on changes in fair value of investment property in the firm's property business, Crescat Boulevard shopping mall.
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