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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Eden posts best ever profit,embarks on ‘rolling refurbishment’

Eden posts best ever profit,embarks on ‘rolling refurbishment’

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Eden Hotel Lanka PLC, now under the banner of LOLC Leisure, has posted its best ever profit in the year ended March 31, 2012 reporting a pre-tax profit of Rs.171.6 million, 52% up from a year earlier and a profit after-tax of Rs.146 million with revenues seeing steady growth over the years.

"These positive results were achieved while maintaining a healthy average occupancy rate of 64% throughout the year," Mr. Kapila Jayawardena, the company’s chairman said.

"While achieving steady growth in bottom line, the company strengthened its balance sheet with a steady reduction in debt funding achieving a strong debt to equity ratio."

The owners have begun a `rolling refurbishment’, keeping the hotel open and operational while upgrading infrastructure and facilities encompassing all areas of the property from its car park and conference hall to the restaurants. All standard rooms have also been refurbished.

Jayawardena said that the steady arrival of tourists to Sri Lanka had created confidence among investors in the leisure segment and as a result many projects, including rapid development in the North East, are currently underway.

"It is estimated that many leisure projects will be completed during the next two years preparing for the estimated 2.5 million arrivals in 2016," he noted.

Jayawardena was confidante that there will be greater focus on building destination awareness both by the authorities and stakeholders projecting the country as a most desirable holiday location in coming years.

Eden is a well-established 158-room five-Star property with an excellent reputation among visitors, agents and tour operators, the chairman said.

During the year, the owners had focused on improving the standard of service delivery and product offering with Rs.76 million spent on soft refurbishing of the property.

Guest facilities had been further improved and food and beverage and guest related activities within the hotel enhanced.

Much attention had been paid to strategic advertising both globally and locally to present the property as a desirable holiday location promising quality and diversity in an effort to strengthen the occupancy rate.

The opening of the southern highway had helped the hotel, making it accessible from Colombo within an hour.

Eden employs 85% of its staff from the nearby villages and also procures much of their supplies locally. They had invested almost Rs.6 million on improving their biological sewage plant to meet environmental standards. They had also improved banquet services and equipment at the hotel to cater to people living in the area without easy access to facilities in Colombo.

Jayawardena said that they look forward equally to the expansion in the tourism sector and increased tourist arrivals with medium term strategies already placed to position Eden as a preferred holiday destination with unmatched service delivered by skilled and trained staff.

Eden has a stated capital of Rs.528 million, revaluation reserve of Rs.826.4 million and retained profits of Rs.169.1 million in its books. Total assets ran at Rs.1.9 billion and total liabilities at Rs.365.8 million.Riverina Hotels PLC with 24.38% is the biggest individual shareholder of the company followed by Palm Garden Hotel PLC with 21.82% and Confifi Management Services with 10.69%. LOLC is the ultimate controlling shareholder following its acquisition of the Confifi Hotels in Beruwala.

The EPF with 7.59% and the ETF with 2.4% are also major shareholders.

The directors of the company are: Messrs. W.D.K. Jayawardena (Chairman), Mrs. K.U. Amarasinghe, D.S.K. Amarasekera, M.T.A. Furkhan, S. Furkhan, J.M. Swaminathan, A.L. Devasurendra (Resigned 24.11.2011), I.C. Nanayakkara (Resigned 30.11.2011) and R.N. Asirwatham (Resigned 29.05.2012).
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=60530

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