This would be the second in the chain of hotels under Laugfs Leisure Ltd which will be operational in the season 2013/14. The first hotel in the chain is being constructed in Chilaw and its progress is on target and also expected to be commercially operational by the latter part of the financial year 2012/13, the group said in discussing its annual accounts for the year ending March 31, 2012.
“The hotel once constructed will be distinctly different, located at most picturesque site, wedged between the beach of the West Coast and a lagoon and architectural designs of this 88 roomed hotel are a unique deviation from the traditions,” it said.
Laugfs Gas and its subsidiaries, according to the un-audited financial statements for the year, have posted a record turnover of Rs. 9.17 billion, up 30% increase over the corresponding period. The group recorded a pre-tax profit of Rs. 1.14 billion, up 10 % from last year. The group said it maintained a healthy liquidity situation during the period under review with the net generation of cash from operating activities being Rs. 960.8 million against Rs. 868.8 million last year.
The statement said the parent company performed well despite difficult circumstances of escalating global LP Gas prices and currency depreciation.