John Keells Hotels PLC saw net profits surge 198 percent to Rs. 2.8 million for the nine month period ending December 31, 2010, from a loss of Rs. 275.3 million during the corresponding period of 2009, the company’s interim financial results showed.
Revenue grew 9 percent to Rs. 3.7 billion whilst other operating incomes grew 335 percent to Rs. 175.5 million.
Net profit for the December 2010 quarter grew 147 percent to Rs. 207.3 million from a Rs. 83.8 million profit recorded for the same quarter in 2009. Revenue grew 15 percent to Rs. 1.51 billion.
John Keells Holdings PLC owns a 80.32 percent stake in the company.
During the nine month period, the group divested the head lease of Alidhoo Island, which resulted in the exit of the Cinnamon brand presence in the Maldives, the financial report said. It purchased the head lease of Dhonveli Island for a period of 18 years as a part of the divesture of Alidhoo Island.
John Keells Hotels (KHL) increased its investment in its Maldivian holding company by Rs. 1,568 million in order to acquire the Dhonveli lease.
It also invested Rs. 947 million by participating in a rights issue of its subsidiary International Tourists and Hoteliers Ltd (ITHL), increasing its stake to 98.39 percent. ITHL invested Rs. 600 million by subscribing to rights issue of its fully owned subsidiary Beruwala Holiday Resorts to fund the construction of Chaaya Bay Hotel.
KHL also invested Rs. 485 million in its subsidiary Ceylon Holiday Resorts increasing its stake to 98.65 percent. Ceylon Holiday Resorts then invested Rs. 485 million in Hikkaduwa Holiday Resorts to fund the refurbishment of Coral Gardens Hotel.
source - www.island.lk
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