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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Record year for Dolphin Hotels with 87% occupancy, best ever earnings

Record year for Dolphin Hotels with 87% occupancy, best ever earnings

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CSE.SAS

CSE.SAS
Global Moderator
Dolphin Hotels PLC, a member of the Hemas Group, has posted a record breaking year ended March 31, 2012 with its highest ever net turnover of Rs.623 million, an occupancy rate of 87% reported to be the highest occupancy in any hotel in the country, and its best ever gross operating profit of Rs.242 million.

The company’s Chairman, Mr. A. N. Esufally, has told shareholders that the year under review "has indeed been a record year for your company."

It was pleasing to note that despite many challenges posed by prevailing volatility in the economy, the country’s tourism industry is on course towards achieving the twin milestones of over US$ 1 billion in earnings and arrivals topping one million in 2012, he said.

Esufally noted that this was a full year ahead of the date set for achieving these targets.

However, the crisis with the euro and the resultant fallout within the European economy remains a cause of concern to Sri Lanka’s tourism industry, he said.

Club Hotel Dolphin, in particular, plays host to a significant number of European travelers and to offset this risk, the management is developing new markets to compensate any loss in occupancy and revenue from the European markets.

For the industry to take off exponentially, Esufally said that some key areas, in addition to infrastructure development needed strategic focus at a national level.

These were identified as the need for branding, promoting and marketing Sri Lanka as a destination on par with competing regional destinations.

"This is considered to be of paramount importance," he said. He also stressed that human resource development to ensure excellent guest related services was a must and professional, well run hotel schools and training establishments must be set up for this purpose.

He complained that the approval process for construction and expansion of hotels and other tourist establishments must be expedited and simplified complaining that "it is a slow, complex and laborious process at present."

There was also the need to protect the country’s tourism assets from damage through over visitation. This was particularly applicable to the heritage sites, game parks and wildlife sanctuaries.

Hotel Dolphin has a stated capital of Rs.316.2 million, reserves of Rs.250.5 million and retained earnings of Rs.309.6 million in its books. Total assets ran at Rs.1.52 billion, non-current liabilities at Rs.416.6 million and current liabilities at Rs.227.6 million.

The company’s net profit for the year at Rs.90.1 million was up from Rs.26.9 million the previous year and the directors have proposed a dividend of Rs.1.50 per share that will absorb Rs.47.4 million. There was no dividend payment the previous year.

Dolphin Hotels is a subsidiary of Serendib Hotels PLC owning 64.85% followed by Hemtours with 5.35% and the DFCC Bank with 2.59%.

Net assets per share were up to Rs.27.71 from Rs.21.71 the previous year and the Dolphin share traded at a high of Rs.70 and a low of Rs.27.50 during the year under review.

The directors of the company are: Messrs A.N. Esufally (Chairman – Alt. V.H.A. Perera), B.S.M. de Silva, Ms. A.R. Gamage (Alt. Prof. L.D.K.B. Gamage), H.N. Esufally (Alt. Ms. K.A.C. Wilson) and W.M. de F. Arsakularatne.
http://island.lk/index.php?page_cat=article-details&page=article-details&code_title=55661

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