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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Amaya blooms under Hayley’s control

Amaya blooms under Hayley’s control

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1Amaya blooms under Hayley’s control Empty Amaya blooms under Hayley’s control Sat Jul 14, 2012 7:47 pm

CSE.SAS

CSE.SAS
Global Moderator
Amaya Leisure PLC, now a Hayleys group company, controlling/managing hotels in Dambulla (Amaya Lake), Kandy (Amaya Hills), Randalla near N’Eliya (Langdale), Elkaduwa, (Hunas Falls) and Hikkduwa (Coral Rock) had grown turnover 24% to Rs.940.6 million in the year ended March 31, 2012 but seen its profit after-tax and minority interest down 37% to Rs.296.1 million.

The company’s Chairman, Mr. A.M. Pandithage explained that there was a capital gain the previous year arising from the disposal of Amaya Reef in Hikkaduwa and that accounted for the difference.

A dividend of Rs.4 per share had been paid by the company last February he said.

Pandithage noted that given the momentum that the tourism industry had generated, the target of 25 million arrivals could be reached in 2016 from the present 800,000.

Simultaneously it is essential that domestic tourism should continue to be developed at regional revel to ensure the sustainability of the industry throughout the island.

The year had seen visitor arrivals up 30% with hotel operators achieving high levels of turnover and profitability making the industry attractive to investors.

"This rapid growth in tourism has paved the way for both local and international hoteliers to enter the Sri Lankan tourism industry," he said, noting that key areas in the East coast and Kalpitiya on the West coast are fast developing as major tourist centers.

Amaya Leisure stood to gain much from the positive developments in the industry and its acquisition by the Hayleys group in August last year was bound to enhance its standing in the leisure industry.

"The business prowess of Hayleys combined with the brand image that Amaya has built-up over the years should stand it in good stead, driving it forward to achieve its highest potential. We were able to make significant gains in terms of both revenue and operational profits in the year under review due to our well planned strategic investments," he said.

The company’s Managing Director, Mr. L.T. Samarawickrema, said that the company had made significant gains in terms of both revenue and operational profits in the year under review due to well planned strategic investments.

Operationally, the company was among the best performers in the industry with revenue up to Rs.830 million from Rs.667 million the previous year although the net profit was down to Rs.312 million from Rs.471 million.

He explained that the previous year’s profit was high due to the capital gain from the disposal of Amaya Reef in Hikkaduwa but there had been an excellent return on revenue.

They were managing niche market properties such as Langdale in Nuwara Eliya and Coral Rock in Hikkaduwa in addition to their own portfolio and Hayley’s owned Hunas Falls in Hunasgiriya.

Their expansion drive was well underway with additional rooms at Amaya Lake nearing completion and Amaya Hills in Kandy upgraded with new banquet facilities, restaurants, sports facilities and public areas.

A state-of-the-art spa will be operational shortly and the purchase of several extents of lands surrounding the hotel "will create an atmosphere that cannot be found anywhere in the region."

"The acquisition of the Lake Lodge Resort in Dambulla in close proximity to the picturesque Kandalama Lake is an important step in our expansion program and we intend to develop it to a very high standard shortly, adding further value to your company," Samarawickrema said.

The company has a stated capital of Rs.526.8 million, capital reserves (group) of Rs.1.1 billion and retained earnings (group) of Rs.496.3 million in its books. Total assets were running at Rs.2.5 billion, non-current liabilities at Rs.163.9 million and current liabilities at Rs.196.5 million.

Hayleys with 40.31% and Dean Foster (Pvt) Ltd, a Hayleys subsidiary with 21.34% are the major shareholders. The EPF owns 8.9% and two other Hayleys companies and the ETF are also among the 20 top shareholders.

The Amaya share traded at a high of Rs.125 and a low of Rs.66.90 during the year under review against a trading range of Rs.140 to Rs.89 the previous year. Net assets per share were up to Rs.33.18 from Rs.43.98 the previous year.

The directors of the company are: Messrs. A.M. Pandithage (Chairman), C.J. Wickramasinghe (Deputy Chairman), L.T. Samarawickrema (MD) K.D.D. Perera, W.D.N. Perera, S. Senaratne, S.H. Amarasekera, D.E. Silva, Ms. D.S.N. Weerasooriya and Ms. R.N. Ponnambalam.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=56813

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