Sri Lanka’s The Kingsbury out of red

Nov 05, 2013 (LBO) – Sri Lanka’s The Kingsbury Plc, a city 5-star hotel said it made profits of 26 million rupees in the September 2013 quarter, re-starting operations after going through a make-over. In the first week of September The Kingsbury raised 660 million rupees from shareholders in September.

The firm reported earnings of 12 cents per share of the quarter. The stock closed at 14 rupees Monday.

For the six months to September it reported losses of 78 million rupees, due to June quarter losses on revenues of 976 million rupees.

In the September quarter The Kingsbury posted revenues of 559 million rupees after turnover based taxes, and had cost of sales of 217 million rupees reporting gross profits of 341 million rupees.

The firm had finance expenses of 77 million rupees and long-term borrowings of 2.44 billion rupees.

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