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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Hotel and property segments enable Asian Hotels to shine

Hotel and property segments enable Asian Hotels to shine

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CSE.SAS

CSE.SAS
Global Moderator
Higher room rates and rupee depreciation help

Asian Hotels and Properties PLC, a member of the JKH group, has posted a record group after-tax profit of Rs.2.5 billion in the year ended March 2012, with both the company’s hotels and property segments posting strong growth.

The company’s Chairman, Mr. Susantha Ratnayake, said their five-star Colombo properties had done nicely with the Cinnamon Grand posting room revenue of Rs.1.9 billion, up from Rs.1.4 billion the previous year although average occupancy was marginally down to 70.2% from the previous year’s 73%.

Average occupancy in the Cinnamon Lakeside remained 55%, somewhat below industry average due to the closure of 346 rooms for refurbishing, resulting in a loss of room nights specially during the peak month of August.

Cinnamon Grand enjoys a 32% market share among Colombo city hotels and also offers 13 food and beverage outlets and the largest number of banquet rooms hosting 906,000 banquet covers during the year.

Ratnayake said that these figures have been achieved despite three outlets being closed for three months of the year under review.

Cinnamon Lakeside which had completed a Rs.500 million refurbishing and re-branding exercise saw its pre-tax profit up to Rs.740 million against Rs.685 million the previous year with the figure including a Rs.99.8 million increase in fair value of investment property.

This hotel won the Best Five-Star Hotel Award at last year’s tourism awards following Cinnamon Grand winning the Presidential Award for the Best Five-Star City Hotel three years in a row.

Both the room rate increased from a floor of US$ 75 to US$ 125 and the free float of the dollar helped the two hotels to post an extraordinary rise in profitability despite a marginal decline in the average occupancy of the Cinnamon Grand.

In the property sector, the completion and handing over of the 163-unit, 35-storey Emperor luxury apartment complex on the grounds of the Cinnamon Grand had seen the completion of three property projects within the site.

Ratnayake said that in the short term, the continuing revenue streams from the property sector on that site will be mainly from Crescat mall.

Asian Hotels and Properties has a stated capital of Rs.3.35 billion, capital reserves of Rs.5.14 billion and revenue reserves of Rs.6.49 billion in its books. Total assets ran at nearly Rs.20.1 billion and total liabilities at Rs.2.1 billion.

JKH with 78.56% is the controlling shareholder of the company with other big shareholders including the EPF (4.26%), Life Fund of the Sri Lanka Insurance Corporation (2.27%) and the Ceybank Unit Trust (2.21%).

The company’s share traded at a high of Rs.200 and a low of Rs.61 during the year under review closing at Rs.78. This compared to a trading range of Rs.210 to Rs.130.25 closing at Rs.187.90 the previous year. The number of shares in issue was doubled by a sub-division during the year.

The directors of the company are: Messrs. Susantha Ratnayake (Chairman), Ajit Gunewardene (MD), J.R. F. Peiris, A.Gunasekara, R. Karunarajah, S.Rajendra, S.K.G. Senanayake, Ms. Shirani Anoja Jayasekara and C.J.L. Pinto.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=54005

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