Sri Lanka’s John Keells Hotels profits flat in September quarter


Oct 30, 2015 (LBO) – Sri Lankan hotel operator, John Keells Hotels Plc’s profits increased by only 2 percent to 350 million rupees in the September quarter 2015 despite a tourism boom in the Island, interim accounts showed.

Earnings per share was flat at 24 cents per share for the quarter.

The company’s revenue also increased by 2 percent to 2,768 million rupees compared to 2,701 million rupees a year earlier.

The group which has hotels in Maldives said cost of sales rose 4 percent to 910 million rupees and gross profits rose 2 percent to 1,857 million rupees.

Finance costs declined 34 percent to 45 million rupees from 68 million rupees, a year earlier.

Revenues in the Maldives branch rose to 1,441 million rupees in the quarter from 1,463 million rupees a year earlier giving 170 million rupees in profits, down from 223 million rupees.

In Sri Lankan segment, revenues rose to 1,351 million rupees up only 7 percent in the quarter from 1,260 million rupees a year earlier and it made a profit of 181 million rupees, up from 133 million rupees a year earlier.