By Keishara Perera
Both Cinnamon Grand and Cinnamon Lakeside Colombo recorded net profits worth Rs. 733 million and Rs. 659 million respectively for the year ended 31st March 2011. This was in comparison to the previous years figures of Rs. 319 million and Rs. 104 million.
Cinnamon Grand achieved a 34% growth in a turnover of Rs. 3 billion for the period while Lakeside indicated a 85% growth in turnover of Rs. 1.9 billion, Susantha Ratnayake, Chairman Asian Hotels and Properties PLC (AHPL) disclosed in the 2010/11 annual report.
Ratnayake mentioned that Cinnamon Grand, with the opening of the Courtyard wing, now has 501 refurbished rooms as well as a new restaurant, increasing the number of dining options to 13, the largest available in a single location in the country.
As a result of this, he said, F&B posted the highest number of covers of any five star hotel numbering 938,585. Revenue from both banquets and dining outlets recorded Rs. 1,437 million, a 22% increase YOY.
The chairman added that revenue from rooms amounted to Rs. 1,425 million and the hotel had the highest revenue share among city hotels (33%).
Commenting on Lakeside, he stated that the Rs. 500 million refurbishment and rebranding of the hotel last year which brought it under one of the flagship hotel brands of the John Keels Hotels Group, resulted in a substantially improved performance in the year under review. He mentioned that room revenue at Lakeside stood at Rs. 800 million and F&B revenue at Rs. 930 million.
AHPL Chairman further said that leisure industry is poised for significant growth, with the government setting a target of 2.5 million tourists by 2016.
AHPL recorded a net profit of Rs. 1.7 billion for the year ended 31st March 2011, compared to Rs. 630 million the previous year. Earnings Per Share for the period stood at Rs. 8.02, compared to Rs. 2.84 in 2010. John Keels Holdings PLC reduced its stake in AHPL to 78% during the period from 83% the previous year
source - www.dailynews.lk
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