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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Cinnamon Grand earns 10.9% of JKH bottom line

Cinnamon Grand earns 10.9% of JKH bottom line

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Asian Hotels and Properties PLC (AHPL), owners of the Cinnamon Grand Hotel in Colombo, controlling shareholder of Cinnamon Lakeside Hotel and owners of several prime property development projects, has posted an after-tax profit of Rs.3.1 billion in the year ended March 31, 2013, up from the previous year’s Rs.2.5 billion on revenue of Rs.7.9 billion against Rs.8.9 billion a year earlier.

The company’s flagship hotel, Cinnamon Grand, continues to be the country’s leading hotel having grown market share, posted revenue growth and improved profitability during the year under review.

The hotel had maintained a 32% market share and 33.7% revenue share among city hotels in Colombo during the year under review with higher occupancy levels running at a consistent 72.4%.

The hotel’s revenue per room at Rs.13,454 was the highest among contemporary five-star city hotels in Colombo, AHPL said in its annual report.

The company’s Chairman, Mr. Susantha Ratnayake, said that the company’s revenue during the year at Rs.7.8 billion was accompanied with healthy pre and after-tax profits with PBT up 26% to Rs.3.3 billion and PAT up 24% to Rs. 3.1 billion translating to earnings per share of Rs.5.63, up 16% from the previous year.

The year under review had seen Cinnamon Grand paying its employees an average service charge share of Rs.29,381 per month with the hotel maintaining an average service charge payment of Rs.33,741 per month through 2012 with the highest payment being Rs.42,037 during December 2012.

The hotel had dramatically increased both room revenue and food and beverage income and been the main contributor to the bottom line of the JKH leisure segment during the year, accounting for 33% of the sectors profitability.

In overall terms the Cinnamon Grand had contributed 10.9% towards the profitability of the JKH group with the annual report making the point that these achievements are testimony to the strength and stability of the hotel’s identity "as the undisputed frontrunner" in the country’s city hotels segment.

Ratnayake said in a performance overview of the company that the Cinnamon Lakeside Hotel, the group’s other city hotel, had also seen an increase in the leisure customers segment enabling the hotel to maintain a consistent occupancy rate of 60% throughout the year.

Cinnamon Lakeside posted total revenue of Rs.2.8 billion, up 20% from the previous year, a pre-tax profit of Rs.1.2 billion, up 63%from a year earlier, including a fair value gain on investment property of Rs.289 million.

He said that all their property development projects have been completed at the end of the year under review and in the short-term they expect Crescat Boulevard shopping mall to be the predominant contributor towards the property development sector’s revenue stream.

"In pursuance of our goal to capture a broader share of the local market and establish a firm regional foot print, we hope to evolve and showcase a more cosmopolitan identity," Ratnayake said.

"I believe these future aspirations are inimitably linked to enduring partnerships that we hope to forge with internationally reputed hospitality partners."

Asian Hotels and Properties has a stated capital of Rs.3.35 billion, capital reserves of Rs.11.1 billion and revenue reserves of Rs.7.2 billion in its books. Total assets ran at Rs.26.7 billion and total liabilities at Rs.1.6 billion.

John Keells Holdings with 78.56% of the company is its controlling shareholder followed by the EPF (5.47%) and Life Fund of the Sri Lanka Insurance Corporation (2.27%). The Ceybank Unit Trust owns 2.08%.

The directors of the company are: Messrs. Susantha Ratnayake (Chairman), Ajit Gunewardene (MD), J.R.F. Peiris, R. Karunarajah, Suresh Rajendra, S.K.G. Senanayake, Ms. S. Anoja Jayasekara and C.J. Lloyd Pinto.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=81910

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