May 25, 2011 (LBO) – Sri Lanka’s Taj Lanka Hotels, which owns a five star rated property in Colombo’s Galle Face area said profits rose to 52 million rupees in the March 2011 quarter from 3.2 million rupees a year earlier.
Sri Lanka is recovering from a three decade war which ended in May 2009 which has boosted tourist arrivals.
Last year the firm had re-valued its property resulting in a gain of 1,018 million rupees. Its net assets rose to 3.2 billion rupees by March 2011 from a year earlier.
Revenues in the quarter rose to 425 million rupees from 254 million.
Annual revenues grew 47 percent to 1.37 billion rupees and profits rose to 99.3 million rupees from a loss of 36.3 million rupees a year earlier.
The firm is 58 percent owned by TAL Hotels and Resorts Ltd and 24.6 percent by The Indian Hotels Company Ltd. In 2011 the firm was charged 240 million rupees in management fee by TAL Hotels and Resorts Limited up from 202 million a year earlier.