November 11, 2019 (LBO) – Colombo Stock Exchange (CSE) listed Taj Lanka Hotels (TAJ) reported surprisingly robust revenue growth for the quarter ended September 2019.
Revenue was up 12% year over year for the second quarter to Rs704mn. TAJ, the owner of the five star Taj Samudra Hotel in Colombo, reported a small loss for the quarter of Rs29mn, much less than the Rs152mn lost in the prior year quarter. The September quarter is typically a slow one for Sri Lanka’s hotels as they gear up to enter the December peak season.
This year’s results were bolstered by a 10-day spiritual convention which was said to attract over 20,000 from the Borah community to Sri Lanka from over 40 countries. The convention provided a much needed boost in terms of revenue and confidence after Sri Lanka’s devastating Easter Sunday terror attacks.