Sri Lanka’s Amaya Leisure March net up 68-pct

Chandi Dharmaratne

May 21, 2012 (LBO) – Profits at Sri Lanka’s Amaya Leisure, a unit of listed Hayleys group rose 68 percent in the March 2012 quarter as strong tourist arrivals boosted revenues, interim accounts showed.

Administrative expenses were kept under check rising only 7 percent to 90.6 million rupees.

The group also has carry forward losses and income taxes provisions were only 2.9 million rupees.

Sri Lanka’s hotel sector went through tough times during a 30-year civil war which ended in May 2009.

Update I
The group reported earnings of 2.37 rupees for the quarter. The stock closed at 75.20 down 9.80 rupees, Friday.

In the year to March 2012 the group reported profits of 296 million rupees giving earnings of 6.16 rupees per share, down from 467 million a year earlier, when the bottom line was boosted by capital gains.

The group has hotel assets in Kandy in the central hills of Sri Lanka, in Dambulla in the cultural triangle area also in the central province and in Wadduwa in the South Western coast.

Revenues in the March quarter rose 47 percent to 261 million rupees and cost of sales rose at a faster 77 percent to 54 million rupees, but the firm boosted gross profits 40 percent to 207 million rupees.