Trans Asia Hotels (TRAN) revenue down 6%, results show tourism bouncing back

John Keells Holdings Deputy Chairman Gihan Cooray on CNBC forecasting a recovery in Sri Lanka's tourism industry

January 21, 2020 (LBO) – December quarter results from Colombo Stock Exchange listed Trans Asia Hotels (TRAN) were buoyant, showing signs that Sri Lanka’s tourism industry recovery is well under way after 2019’s Easter Sunday terror attacks.

TRAN reported revenue of Rs753mn, down just 6% year over year. Profits came in at Rs107mn, down just 5% year over year. The December quarter is generally a robust one for city hotels in Colombo, however this year in the aftermath of the terror attacks, forecasted performance was uncertain.

TRAN, a listed city hotel subsidiary of similarly listed John Keells Holdings (JKH), is the owning entity of the Cinnamon Lakeside city hotel. The property has just over 350 five-star class rooms in Sri Lanka’s capital Colombo.