Galadari looks ahead with confidence despite heavy losses

1 June 2012 03:08 am - 0     - {{hitsCtrl.values.hits}}

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Galadari Hotels (Lanka) PLC is confident that the proposed restructuring plan for the conversion of debt into equity will be fruitful, and pave the way for further investment and progressive change, its Chairman stated despite the hotel incurring a heavy net loss during FY12.

In his review to the Company’s Annual Report, Khaled Aly Soliman, Chairman, Galadari further stated that the ongoing renovation of the property has already set the wheels in motion to further reinforce the brand image and thus make Galadari Hotel a force to be reckoned within the hospitality industry. “Increase in tourist traffic undoubtedly will benefit the hotel and tourism industry, which would aid and enforce the long-term business strategy of the hotel,” he added.

The hotel suffered a net loss of Rs.266 million for the year ended March 31, 2012 as against net profit of Rs.2.2 million during the previous year, mainly attributable to a mammoth Rs.153 million exchange loss incurred during the year under review. Galadari Loss Per Share was Rs.1.46 in contrast to Earnings per Share of Rs.0.01 in 2011.

Revenue of the hotel increased to Rs.1.3 billion during FY12 in comparison to Rs.1 billion during the previous year while gross profit for the year under review also increased to Rs.1 billion from Rs.827.7 million during FY11.

However, administrative expenses of Galadari increased from Rs.452.4 million during the previous year to Rs.490 million during the year under review, and operating expenses also soared to Rs.502 million during the year from Rs.395.4 million during FY11.

Meanwhile, finance expenses also soared to Rs.133 million during FY12 from Rs.112.2 million the previous year while the hotel’s net finance expenses increased to Rs.104.8 million during the year under review from Rs.99.8 million during FY11. As at March 31, 2012, state controlled Employees’ Provident Fund had 13 percent in Galadari Hotels, as the second largest shareholder.

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