The Kingsbury hotel in Sri Lanka in profits after make-over

Directory launched in the presence of Jagath Perera, CA Sri Lanka President, Manil Jayesinghe, CA Sri Lanka Vice President, Harsha Basnayake, Ernst & Young Asia Pacific Transaction Advisory Managing Partner, Aruni Rajakarier, Chairperson of the CA Sri Lanka Women Empowerment Committee, Anoji De Silva, Alternate Chair of the Women Empowerment Committee and Dulani Fernando, CA Sri Lanka CEO

May 18, 2014 (LBO) – The Kingsbury hotel in Colombo which was re-branded and rebuilt after being taken over by Sri Lanka’s Hayleys group has posted the profits of 42 million rupees the March 2014 quarter, interim accounts showed. The firm reported earnings of 20 cents per share for the quarter.

In the March 2013 quarter the firm lost 108 million rupees a year earlier after being closed for refurbishment.

The Kingsbury posted revenues of 610 million rupees in the March quarter up from 165.8 million rupees a year earlier. It posted gross profits of 302 million rupees after direct costs of 288 million rupees.

The firm posted net profits of 69 million rupees in the December quarter on revenues of 627 million rupees.

In the full year to March, it posted profits of 32.7 million rupees on revenues of 2.2 billion rupees.