Hayleys-controlled Hotel Services Ceylon, the holding company for Colombo city hotel Ceylon Continental, has recorded a 67% and 96% year-on-year increase in turnover for the nine months and three months to end-December 2010 respectively. More specifically, turnover for the nine months grew to Rs. 419.09 million in 2010 from Rs. 250.71 million during the same period in 2009, while the company earned Rs. 166.05 million for the last three months of 2010 compared to Rs. 84.81 million for the same quarter in 2009.
Additionally, the company also reduced its net losses by 69% and 92% for the nine months and three months to end-December 2010 respectively. The net loss for the nine months to end-December 2010 is now Rs. 13.10 million compared to Rs. 41.92 million for the same period in 2009, while, for the three months to end-December 2010, losses had fallen to Rs. 1.80 million. This is in contrast to Rs. 22.81 million in losses for the last three months of 2009, the company said in a statement.
Additionally, the most recent financial results indicated capital expenditures to the tune of Rs. 23.07 million were made for the nine months to end-December 2010, as referenced by the "capital work in progress" and "purchase of property, plant and equipment" line items in the company's statement of cash-flows, a possible first step in planned refurbishments which media reports say may cost as much as Rs. 1 billion. Meanwhile, "cash generated from operations" has more than doubled year-on-year to Rs. 94.47 million in 2010, from Rs. 44.78 million the year before.
Also revealed in a Colombo Stock Exchange filing this month was that board director J.D. Bandaranayake had resigned, replaced by Royal Ceramics Managing Director and Pan Asia Bank Deputy Chairman Nimal Perera, and retired United Nations World Food Programe Country Director Lalith Godamunne, both Hayleys board members.