Sri Lanka’s Keells Hotels profits up 113-pct

Oct 29, 2013 (LBO) – Profits at Sri Lanka’s Keells Hotels Plc rose 113 percent to 250 million rupees in the September 2013 quarter form a year earlier, helped by strong results in the Maldives, interim accounts showed. In the September quarter total revenues rose 30 percent to 2.5 billion rupees, cost of sales rose 34 percent to 904 million rupees and firm made gross profits of 1.6 billion rupees up 28 percent.

The firm reported earnings of 17 cents per share for the quarter. For the six months to September earnings were 10 cents per share indicating the second quarter performance was better.

In the six months to September the firm lost 199 million rupees on Sri Lanka operations compared to 220 million rupees in the June quarter, indicating better performance.

Profits in Maldives rose to 343 million rupees in the six months compared to 114 million rupees in the first three months.

In Sri Lanka Keells Hotels had to pay 239 million rupees in interest compared to 59 million rupees in the Maldives in the six months.