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Sri Lanka’s listed hotels and travel sector firms, an emerging sector on the Colombo bourse, recorded nearly 75 percent earnings growth in the first quarter of 2011 from the same period last year, according to a report compiled by Lanka Securities Limited.
Hotels and travels sector profits, accounting for nine percent of overall corporate earnings, jumped 74.7 percent year on year to 3.2 billion rupees during the March 2011 quarter boosted by a 34 percent increase in tourist arrivals during the period.
The sector also recorded 136.2 percent earnings growth versus the preceding September- December quarter, generally considered the peak tourism season in terms of tourist arrivals.
Sri Lanka's resort tourism industry is now facing an 'off-season' for European visitors who peak during the northern hemisphere winter.
The island's main beach resorts in the Western and Southern areas also face wet weather during the time. However the island is now developing its East Coast for tourism after the end of a 30-year war which provides sunny weather at this time of the year.
Taj Lanka Hotels lead sector profits growing 1,482.9 percent year on year during the quarter. Hotel Services Ceylon followed with 1,212.7 percent, Keells Hotels 617 percent, and Galadari Hotels Lanka 363.1 percent.
Meanwhile, Asian Hotels and Properties (AHPL) was the largest contributor to quarterly sector earnings with 25 percent, followed by Aitken Spence Hotels (AHUN) with 18 percent of sector profits, Keells Hotels (KHL) 16 percent, and Trans Asia Hotels (TRAN) 12 percent.
Diversified heavyweight John Keells Holdings, through its units AHPL, KHL, and TRAN accounted for the bulk of total sector earnings contributing 53 percent.
Emerging sectors in the CSE, Hotels & Travels (9.0%) and Telecommunications (7.0%) demonstrated increased influence to the overall earnings.
http://www.lbr.lk/fullstory.php?nid=201106301804288689
Hotels and travels sector profits, accounting for nine percent of overall corporate earnings, jumped 74.7 percent year on year to 3.2 billion rupees during the March 2011 quarter boosted by a 34 percent increase in tourist arrivals during the period.
The sector also recorded 136.2 percent earnings growth versus the preceding September- December quarter, generally considered the peak tourism season in terms of tourist arrivals.
Sri Lanka's resort tourism industry is now facing an 'off-season' for European visitors who peak during the northern hemisphere winter.
The island's main beach resorts in the Western and Southern areas also face wet weather during the time. However the island is now developing its East Coast for tourism after the end of a 30-year war which provides sunny weather at this time of the year.
Taj Lanka Hotels lead sector profits growing 1,482.9 percent year on year during the quarter. Hotel Services Ceylon followed with 1,212.7 percent, Keells Hotels 617 percent, and Galadari Hotels Lanka 363.1 percent.
Meanwhile, Asian Hotels and Properties (AHPL) was the largest contributor to quarterly sector earnings with 25 percent, followed by Aitken Spence Hotels (AHUN) with 18 percent of sector profits, Keells Hotels (KHL) 16 percent, and Trans Asia Hotels (TRAN) 12 percent.
Diversified heavyweight John Keells Holdings, through its units AHPL, KHL, and TRAN accounted for the bulk of total sector earnings contributing 53 percent.
Emerging sectors in the CSE, Hotels & Travels (9.0%) and Telecommunications (7.0%) demonstrated increased influence to the overall earnings.
http://www.lbr.lk/fullstory.php?nid=201106301804288689
