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Tue, 31 March 2015 02:30:28
Sri Lanka Lighthouse Hotel March net up 100-pct
23 Apr, 2010 10:28:10
Apr 23, 2010 (LBO) - Lighthouse Hotel, a unit of Sri Lanka's Jetwing leisure group said profits rose 102 percent in the March quarter to 32.2 million rupees amid a pick up in tourism, interim accounts showed.
Revenues rose 34 percent to 110.3 million rupees in the quarter. Sri Lanka's peak tourism season is the European winter, Sri Lankan hotels make most of their money in the December and March quarters.

Lighthouse's full-year profits 22.6 million rupees, giving earnings per share of 49 cents for the year.

The firm is trading at around 65 rupees giving a price to earnings multiple of 132 times. The dot com type earnings multiples are reflect the current highly optimistic expectations for hotel shares.

The hotel has 63 rooms and analysts say expansion prospects are not high.

Hayleys, a listed Sri Lankan group sold out earlier in the quarter at prices over 60 rupees and the latest shareholder list shows large stakes owned by state institutions.

The two main shareholders are Jetwing Hotels Management Services (24.02 percent) and Mercantile Investments (14.36 percent).

Employees Provident, a pension fund of private citizens managed by the state now has 11.09 percent, the Bank of Ceylon 9.78 percent, National Savings Bank 4.35 percent.

Sri Lanka's state state banks, have been active players in the market in recent months, despite the government going through a cash crunch and concern being raised about renewed money printing and rising inflation.

Corrected-December quarter, para 2

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READER COMMENT(S)
3. Lakshman Dalpadado Apr 26
State banks are going the same way as Leahmans, Citi Group and Goldman Sachs- playing the stock market with savers money- knowing that when it comes to a crunch the government will come to their rescue.

Retail banks with government guarantees should not be allowed to take risks with depositors money- they should stick to retail banking. Leave investing to investment banks- and no government guarantees.

We all know where this is going to end. Yes,American style profits on paper and mega bonuses for the management.

Sri Lankans never misses a trick.

2. Avinga Wanigasekera Apr 25
It will be better if the website provides more information of the stock market
1. Saman Apr 24
A PE of 132x? At this rate Sri Lanka market will exceed China's in valuation.

Lets hope the economy follows suite...