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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Tangerine posts best ever profit since founding

Tangerine posts best ever profit since founding

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Tangerine Beach Hotels PLC has, 32 years after founding, posted its best ever profit of Rs.127.8 million in the year ended March 31, 2012, up from the previous year’s Rs.73.9 million as the country’s earnings from tourism continued to grow significantly.

Tangerine Chairman George Ondaatjie noted in the company’s annual report that the average spend by a tourist for a night had increased to US$ 97 in the year under review from US$ 88 the previous year due to enhanced facilities and increased arrival of high-end tourists.

He noted that last year’s tourist arrivals at 855,975, up 30.8% from the previous year, was the highest ever recorded by the country.

Tangerine’s 66% occupancy during the year under review was slightly lower than the previous year’s 67% but turnover was up by 31% with revenues of Rs.470.2 million mainly due to higher average room revenue.

Ondaatjie said that their profit for the year can be termed "an immense result" as the resort hotel industry is sensitive due to global economic conditions.

The company’s Joint Managing Director, Ms. Angeline Ondaatjie, said Tangerine Beach Hotels had posted another great year in 2011/12 growing occupancy and room count faster than the industry.

"We played vigorously in the marketplace. But we played it safe with our finances, as we enter 2012 with our strongest ever balance sheet," she said.

Ondaatjie said this was the company’s strategic plan since the crises receded and it is paying off as they distanced themselves from the competition and accelerated their growth trajectory.

"Tangerine Beach Hotels has a great outlook as it remains one of the most sought after hotels by tour operators, travel agents and individuals as it’s great value for money in its star category," she said.

"We have obtained significant increases in pricing but still remain value for money as demand has shifted to the three-four star hotels."

Their turnover was up 31.65% to Rs.470.2 million during the year under review and their net profit of Rs.127.8 million compared with a profit of Rs.73.9 million achieved the previous financial year.

Occupancy and average room rates had increased to a significant level and with the cessation of hostilities, the hospitality industry had dramatically turned around. She was confident that higher spending holiday makers would be attracted to post war Sri Lanka but said that the industry cannot sit back and relax.

There were some major challenges ahead and they have embarked on improving capacity with investments in infrastructure and human resources to harness the full potential of peace and tourism opportunities.

The year under review saw 40 rooms refurbished and two more wings of the hotel are also being done up. This work will also cover the banquet facilities and bar lounge with more rooms added to cater to day traffic on week-ends.

They are providing wi-fi facilities to all rooms during the upcoming winter season and their suites are now on par with the best in the region.

Tangerine Beach has a stated capital of Rs.244.8 million, a revaluation reserve of Rs.1.2 billion and retained earnings of Rs.529.8 million in its books. Total assets ran at Rs.2.2 billion and total liabilities at Rs.214.9 million.

Nilaveli Beach Hotels with 26.68%, Mercantile Investments & Finance (19.5%) and Mr. George Ondaatjie (10.13%) are the major shareholders of the company. The EPF too owns 6.76%.

The directors have approved a dividend of Rs.0.50 per share for the financial year 2011/12.

The directors of the company are: Messrs. George Ondaatjie (Chairman/Jt MD), A.M. Ondaatjie (Jt. MD), G.G. Ondaatjie, T.J. Ondaatjie, V. Balasubramaniam, C.A. Ondaatjie, N.H.V. Perera, S.D. de Silva (Alternate H.A.A. de Silva) and L.H. Jayasinghe.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=60552

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