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Taj Samudra owning company posts Rs.19mn 4Q profit

11 May 2015 03:30 am - 0     - {{hitsCtrl.values.hits}}

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TAL Lanka Hotels PLC, which operates the 5-star Taj Samudra Hotel in Colombo, posted a net profit of Rs.19 million for the quarter ended March 2015 (4Q15), driven by higher revenues and tax gains.
 The bottom line increased 115 percent year-on-year (yoy) from Rs.132.76 million loss, and earnings per share increased to 14 cents from a loss
of 95 cents.
 While the negative performance in the corresponding quarter was due to a US$ 15.27 million refurbishment phase, the performance in 4Q14 may have been constrained from full potential due to room unavailability due to a US$ 5 million refurbishment effort.. 
The Indian inbound tourist arrivals, which form the major part of Taj Samudra’s clientele increased by 23.1 percent, leading to the hotel’s revenue increasing by 17 percent yoy toRs.562.47 million.
 Cost of sales remained stable, leading to a gross profit of Rs.105.11 million, a 356 percent increase yoy.  Administrative expenses had fallen by 16 percent yoy to Rs.71.82 million, while marketing efforts had also been reduced, with expenses falling by 17 percent to Rs. 22.96 million, both of which could be due to refurbishment. The operating profit jumped 119 percent yoy to Rs.14.46 million, while finance costs increased 83 percent to Rs.51.29 million yoy as borrowings rose from Rs.181.49 million to Rs.423.71 million yoy.
 The company received a tax rebate of Rs.56.26 million compared to an expense of Rs.28 million yoy.
 The company’s assets were valued at Rs.4.79 billion, increasing slightly from Rs.4.58 billion yoy due to gains in properties, plants and equipment.
Equity fell from Rs.1.79 billion to Rs.1.6 billion yoy due to accumulated losses.
 For the year ending March, the company posted a net loss of Rs.180.83 million, a 66 percent increase yoy. Revenues increased by 53 percent yoy to Rs.1.98 billion and  gross profits increased by 284 percent yoy to 1.72 billion. (CW)

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