January 28, 2020 (LBO) – Colombo Stock Exchange listed Asian Hotels and Properties (AHPL) reported a profit of Rs43mn for the December quarter, while revenue was off a disappointing 21% year over year.
AHPL is a listed subsidiary of John Keells Holdings (JKH) that owns two large city hotels in Colombo (Cinnamon Grand and Cinnamon Lakeside) as well as small shopping mall called Crescat Boulevard.
The results indicate weakness at the company’s Cinnamon Grand property as well as Crescat Boulevard. Earlier Trans Asia Hotels, a subsidiary of AHLP that owns the Cinnamon Lakeside, reported a revenue decline of just 6% year over year for the December quarter.
Cinnamon Grand was struck by terrorists during 2019’s Easter Sunday bombings.