“In the past the group has been actively investing in hospitals, hotels and power, with a long term focus. Over the past five years, group investments have exceeded Rs. 5 billion.
Together with the learning experience from our first two hospitals coupled with our long term positive outlook on the industry we embarked on our third hospital in Thalawathugoda in early 2012,” he said in reporting the group’s post-tax profit of Rs 1.3 billion for the year ended March 31, 2012.
Group revenue reached Rs. 21.4 billion, up 18.5% from the previous year and was driven by healthcare, FMCG and power sectors. While earnings for the first half were down by 17.2%, performance bounced back strongly during the third and fourth quarters to close the year with earnings of Rs. 1.2 billion.
The hotels sector closed the year with revenues of Rs 1.2 billion and a post-tax profit of Rs 94 million to enjoy a tremendous year despite the half-year closure of Hotel Serendib for refurbishment. Transportation recorded a revenue of Rs 722 million and earnings of Rs 242 million.
The group spend Rs 1.5 billion in investments in re-positioning and re-branding Hotel Serendib as Avani Resorts, commenced development of its third Hospital at Talawatugoda, and commissioned another mini hydro plant in Upper Magalganga.