Sri Lanka’s Trans Asia Hotel net down 10-pct

Nov 04, 2013 (LBO) – Sri Lanka’s Trans Asia Hotel Plc, which owns Colombo’s Cinnamon Grand Hotel said profits fell 10 percent to 194 million rupees in the September 2013 quarter from a year earlier. The firm reported earnings of 97 cents per share. For the six months to September the firm reported earnings of 1.58 rupees per share on total profits of 315 million rupees, down 16 percent, in accounts filed with the Colombo Stock Exchange.

Trans Asia said revenues rose just 2 percent to 767 million rupees and cost of sales rose at a faster 7 percent to 282 million rupees shrinking gross profits 1 percent to 484 million rupees.

The firm reported finance income of 12 million rupees.