The Ceylon Hotels Corporation (CHC) Group improved its financial performance for the year ended March 31 2010 by reducing its net loss to Rs.22.9 million in comparison to a net loss of Rs.98.4 million the previous year.
According to CHC’s provisional financial statements released this week, turnover increased for the period under review to Rs.537 million from Rs.495 million while the cost of sales decreased. Gross profit for the period was Rs.348 million from Rs.271 million last year.
The Group reported a profit of Rs.9 million for the three months ended 31 March 2010, up from a loss of Rs.6.4 million during the corresponding period in 2009. Despite an increase in turnover during the quarter to Rs.165 million compared to Rs.129 million from last year, the cost of sales, distribution costs and administrative expenses all went up.
Finance costs decreased as well as other expenses which went down to Rs.581,105 for the 2010 quarter compared to Rs.9.2 million in 2009.