The Kingsbury PLC, the luxury five star city hotel in Colombo recorded an impressive financial performance for the FY 2014/15, within its second year of operation post -refurbishment.
The company posted a revenue of Rs.2.33 billion, a 9 percent increase from the last year. The profit before tax was a record Rs. 300 million, its highest ever, almost 9 times of the last year’s result of Rs. 34 million.
Apart from the healthy Gross Profit margins of around 52 percent, the hotel benefitted from the lower finance costs, with finance cost reducing from Rs.286 Mn in FY 2013/14 to Rs. 146 million during the current year.
The hotel’s marketing strategy, positioning Kingsbury as a luxury city hotel in Colombo in many international trade fairs – London, Berlin, Paris & Rome etc. has paved the way for the 229-room hotel to enjoy good occupancy year around, yielding an average of 75 percent vis-à-vis 69 percent during the last year.
During the year under review, the hotel partnered with William Angliss-Specialist Centre for Hospitality, a Tourism and Culinary Arts Training Institution based in Australia to train its staff to enhance their culinary and soft skills meeting international standards.
The Kingsbury is a recipient of the World Luxury Hotels, in the category of Best Luxury City Hotel in the Indian Ocean.
The company’s Board of Directors comprises Mohan Pandithage ( Chairman-Executive), Dhammika Perera (Co-Chairman Non-Executive), Lalin Samarawickrama (Managing Director), Johann Wijesinghe, Sarath Ganegoda, Dinesh Silva, Niranjan Deva Aditya, Lalith Wijeyeratne, Ramani Ponnambalam, Nimal Perera, J Van Twest, I Jamaldeen ( Alt. Director).