Business Times

Amaya group after tax profits up 4,502% on Reefcomber sale

Dhammika Perera controlled-Amaya Leisure has reported consolidated revenue for the nine months to end-December 2010 has risen by 56% year-on-year to Rs. 508.17 million. Additionally, consolidated net profit after tax for the same period skyrocketed by 4,502% to Rs. 390.32 million.

Meanwhile, consolidated revenue for the three months to end- December 2010 nearly doubled year-on-year to Rs. 212.84 million while consolidated net profit after tax for the period in question also increased sixfold to Rs. 66.63 million.

There was also a significant jump in the "other operating income" line item in the company's income statement to the tune of 522% year-on-year to Rs. 286.58 million as of the nine months to end-December 2010. Additionally, the "retained earnings" line item in the company's balance sheet climbed to Rs. 603.28 million as at December 31, 2010, compared to Rs. 176.70 million during the same period the year before.

The company also experienced a return to positive cash flows in 2010, with Rs. 318.00 million of these ending up as bank deposits. This apparently was mostly a result of the sale of its Hotel Reefcomber (formerly Amaya Reef) subsidiary in July 2010, from which it earned Rs. 335.83 million. Out of which, Rs. 203.72 million was retained as profits.

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