Sri Lanka Hotel Sigiriya net up 24-pct

Oct 23, 2012 (LBO) – Profits are Hotel Sigiriya Plc, which is located in central Sri Lanka, rose 24 percent to 16.5 million rupees in the September 2012 quarter, from a year earlier, interim accounts showed. The firm reported earnings of 2.82 rupees for the quarter. In the six months to September the firm reported profits of 24.3 million rupees up 40 percent from a year earlier.

Earnings for the six months were 4.16 rupees a share.

Revenues during the September 2012 quarter rose 17 percent to 61million rupees from a year earlier and cost of sales rose at a slower 2.0 percent allowing gross profits to grow 23 percent to 51 million rupees.

But administrative expenses rose 15 percent to 30.2 million rupees and finance expenses rose seven times to 1.5 million rupees.

Sri Lanka is going through a tourism boom after a 30-year civil war ended.