Business Times

Ceylon Continental hotel company reports loss

Hotel Services, which underwent a change in ownership recently, reported a net loss for the quarter ended 31 March 2010 according to the company’s financial statements released this week. The loss amounted to Rs.12.8 million compared to a net profit of Rs.4.6 million during the corresponding period in 2009. Hayleys acquired a 51% stake in Ceylon Continental Hotel, owned by Hotel Services, in March 2010 from businessman Nahil Wijesuriya and his associates for approximately Rs.1.8 billion at a share price of Rs.21.

Turnover for the three months amounted to Rs.79 million, decreasing from turnover of Rs.82 million for the corresponding period in 2009. Gross profit declined marginally to Rs.62.2 million from Rs.62.3 million while other operating income also declined to Rs.2.9 million from Rs.5 million. The company’s income statement shows that salaries and related costs and administrative expenses increased, resulting in a loss from operations amounting to Rs.17.9 million.

Hotel Services also reported a Rs.54 million net loss for the year ended 31 March 2010, a 294% decrease from a net profit of Rs.28 million for the previous financial year. Revenue for the year declined by 25% to Rs.339 million. The company also made a loss from operations of Rs.52 million for the period compared to a profit from opeartions of Rs.42 million the previous year.

The top three shareholders include Hayleys PLC with a 51% stake followed by Green Care International Limited and Bank of Ceylon with a 25% and 2.56% stake respectively.

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