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Sri Lanka Keells Hotels net up 9-pct in March

May 26, 2011 (LBO) - Sri Lanka's Keells Hotels' profits rose 9 percent to 521 million rupees in the March 2011 quarter with most of the profits coming from its Maldivian operations, interim accounts showed.

It had also slightly increased investment in John Keells Hotels Mauritius.

Revenues rose 11 percent to 1.9 billion rupees in the quarter. In the year to March revenues rose 10 percent to 5.6 billion rupees.

Full year profits rose to 523 million rupees from 204 a year earlier indicating almost all the profits came in the final quarter.

Earnings were 36 cents per share.

From Sri Lanka the firm earned 135 million rupees in profits and 1.8 billion in revenues in the March quarter.
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From Maldives it earned 618 million rupees. It lost 226 million rupees from a resort from which it exited. Revenues from the Maldives totaled 3.8 billion rupees.

The firm had spent 1.56 billion rupees to acquire a lease of Dhonveli Island in the Maldives. It has also invested 947 million rupees in subsidiaries International Tourists and Hoteliers and 485 million in Ceylon Holiday Resorts.

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