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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Galadari deep in red with Rs.331mn exchange loss

Galadari deep in red with Rs.331mn exchange loss

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Malika1990

Malika1990
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

Galadari Hotels (Lanka) PLC’s net loss widened during the June 2012 quarter as the hotel firm reported a net loss of Rs.323 million against Rs.18 million net loss it incurred in the corresponding period of the previous year.

According to the financial accounts released to the Colombo Stock Exchange, a huge exchange loss of Rs.331 million, originating from dollar denominated debt, has caused the company to incur such a quarterly loss, despite a hike in revenue and gross profits. For the six months ended June 30, 2012, the exchange loss the firm incurred was little over Rs.1 billion.

The revenue for the quarter under consideration rose to Rs.384 million from Rs.254 million recorded last year, while the net profit also grew to Rs.326 million from Rs.209 million.

The finance costs during the quarter also rose to Rs.39 million from Rs.26 million. The loss per share stood at Rs.1.77, up from 10 cents. The balance sheet of the company showed that it had an accumulated loss of Rs.9.7 billion and interest bearing borrowings and loans to the tune of Rs.7.4 billion as at June 30, 2012.

State-controlled pension fund, Employees’ Provident Fund as the second largest shareholder of the firm held a 13 percent stake in the firm as of the same date.
http://www.dailymirror.lk/business/other/20796-galadari-deep-in-red-with-rs331mn-exchange-loss-.html

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics

August 02, 2012 (LBO) – Sri Lanka’s Galadari Hotels (Lanka) PLC has sunk deeper into debt with a net loss of 323.1 million rupees for the June quarter largely due to exchange losses on foreign exchange debt.

The company, which owns and operates a five star hotel in Sri Lanka's capital Colombo earned 384.3 million rupees in the June quarter, interim accounts filed with the Colombo Stock Exchange showed.

The firm reported losses of 1.77 rupees a share for the quarter. For the six-months to June the hotel reported losses of 5.41 rupees per share on total loss of 986.1 million rupees.

Gross profits during the June quarter was up to 326.5 million rupees over 206.8 million rupees in the same quarter a year earlier.

For the six-months to June, gross profits were up 691 5 million rupees from 513.1 million rupees a year earlier.

The hotel made a 330.9 million rupee foreign exchange loss during the June quarter of a profit of 46.7 million rupees a year earlier.

Accumulated foreign exchange losses for the six-months to June went up to 1.1 billion rupees in 2012.

The company’s debt stock climbed to 7.4 billion rupees in June, from 6.0 billion rupees during the same period a year earlier.

Total equity stood at 207.8 million rupees in the June quarter over 1.55 billion rupees a year earlier.

The hotel’s second largest shareholder is the state-run Employees' Provident Fund, which manages the retirement savings of the private sector on behalf of the Central Bank of Sri Lanka. The EPF owns 13 percent of the stock.
http://lbo.lk/fullstory.php?nid=673429886

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