“The newly opened Citrus Waskaduwa hotel contributed Rs. 317 million in revenue, operating only for 9 months of the financial year, despite the entire industry experiencing a sharp drop in both Summer and Winter arrivals from two of its key source markets – Ukraine and Russia – which were impacted by the Crimean (Ukraine) crisis,” it said. It said that as a result, Citrus Hikkaduwa, the group’s first project, was unable to capitalise on an otherwise good year but maintained its profit momentum by recording an operational profit of Rs. 66 million.
The release said that the 150-roomed 5-star flagship resort Citrus Waskaduwa, opened its doors in July 2014 and that the company has aggressively marketed the destination Waskaduwa by promoting activities in and around the area, including adventure tourism options such as off- road cycling. “The property has also attracted attention from the MICE market and has hosted several local and international events including the glamorous Miss Sri Lanka for Miss Earth finale.”
The company commenting on the performance said, “It is a source of immense satisfaction that our property in Waskaduwa has so quickly made a mark on the tourism industry. The resort was recently recognised by TripAdvisor with a Certificate of Excellence, the first time a 5-star property in Sri Lanka has received the recognition in its very first year of operation.”
Citrus Waskaduwa reported an operational loss of Rs. 195 million during its first year of operations in keeping with expectations, due to pre-opening expenses and due to being at fully operational capacity for around six months of the year, according to the release.
The company continues to hold a strategic investment in a 20 per cent stake of Colombo Land and Development PLC, which is an associate company.