Lighthouse Hotel 3Q revenue surges 82% YoY

The Lighthouse Hotel PLC (LHL) saw its revenue in the third quarter for the financial year ending 2024 (3Q24) surge 82 percent year-on-year (YoY) to Rs.357.7 million, from Rs.195 million recorded in the corresponding period of the previous year.
For the period under review, the entity saw its cost of sales contract by 22 percent YoY to Rs.76 million, bringing the gross profit to Rs.281 million.
The marketing and promotional expenses expanded by 63 percent YoY to Rs.4.6 million, from Rs.2.8 million in 3Q23, whereas the administrative expenses grew by 48 percent to Rs.156 million.
For the quarter ended on December 31, 2023, the finance cost dipped by 56 percent YoY to Rs.9.6 million, while the finance income reduced marginally 
by 5 percent.   LHL recorded a profit before tax of Rs.86 million, a 462 percent increase YoY, from the Rs.24 million loss posted in 3Q23.

The profit attributable to the shareholders is Rs.53 million and the earnings per share expanded to Rs.1.16 in 3Q24, from Rs.0.60 in 3Q23.
For the nine months of the financial year, the revenue of LHL totalled Rs.847.64 million, compared to Rs.482.54 million a year ago. The net income was Rs.60.25 million, compared to the net loss of Rs.115.34 million a year ago. The basic earnings per share from the continuing operations were Rs.1.31, compared to the basic loss per share from continuing operations of Rs.2.51 a year ago.

In the interim financials released to the Colombo Stock Exchange this week, LHL said the local authorities have claimed a fee amounting to one percent of turnover for the issuance of trade licence for the years 2020 to 2023 from the group. The group does not agree with such a claim, it said.
The estimated contingent liability of the group as at December 31, 2023 is Rs.9.1 million. Currently, there are two cases pending at the Magistrate’s Court in Galle.
The company owns and operates Jetwing Lighthouse and Jetwing Kurulubedda, which are targeted at the upmarket leisure travellers.
As of December 31, 2023, Jetwing Hotels Management Services was the largest shareholder of LHL, with a stake of 41.24 percent. Mercantile Investments and Finance PLC holds a 16.82 percent stake, whereas the Employees’ Provident Fund holds an 11.05 percent stake.