Sri Lanka hotel lose Rs349mn during refurbishment

Feb 06, 2013 (LBO) – Hotel Services (Ceylon) Plc, the oldest five star rated hotel in Sri Lanka’s capital Colombo, which has been given a colonial-style make-over and re-named ‘The Kingsbury’ has lost 341 million rupees in the past nine months. Hotel Services (Ceylon) Plc, which is now controlled by Sri Lanka’s Hayleys group went through a 2.4 billion rupee refurbishment which is expected to allow the hotel to command better prices.

The firm lost 138 million rupees in the December 2012 quarter (79 cents per share) compared to a profit of 13.2 million rupees a year earlier, interim accounts filed with the Colombo Stock Exchange said.

The stock traded at 16.50 rupees Monday.

In the nine months to December the firm reported losses of 341 million rupees against a profit of 10.5 million rupees a year earlier, during its refurbishment.

The losses include a 24 million rupee building, which was demolished, the firm said.