Business Times

Cinnamon Hotels holding group after tax profits up 236%

JKH-controlled Asian Hotels and Properties Limited (AHPL) has recorded a consolidated revenue of Rs. 5. 41 billion for the nine months to end-December 2010, an increase of 73% year-on-year. While its consolidated after tax net profit for the same period was Rs. 1.13 billion, a 236% year-on-year jump. AHPL is the holding company for Colombo city hotels the Cinnamon Grand and Cinnamon Lakeside as well as the Crescat Shopping Mall and the Monarch and Emperor apartment buildings.

However, a notation in the financials referred to results for 2009 being "partially affected" since the Cinnamon Lakeside was closed for much of the year, only opening between April and mid-May as well as September onwards.

Additionally, consolidated revenue for the three months to end December 2010 was Rs. 1.99 billion, a 45% year-on-year rise, and consolidated after tax net profit for the same period was Rs. 533.87 million. This is an year-on-year increase of close to 200%.

Meanwhile, segmental revenues highlighted in the third quarter 2011 unaudited interim financials showed that, while hotels had risen substantially, to Rs. 3.50 billion in 2010 from Rs. 2.31 billion in 2009, it was properties that experienced the greater growth spurt, more than doubling to Rs. 1.91 billion.

Also revealed in the company's consolidated balance sheet was a valuation accorded to work in progress for apartments almost doubled to Rs. 1.32 billion as at December 31, 2010. This was compared to Rs. 773.29 million shown during the same period in 2009.

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