SERV - The Kingsbury

[The Invisible]

Sri Lanka's Kingsbury hotel Sept net down 46-pct

ECONOMYNEXT - Profits at Sri Lanka's The Kingsbury Plc, the city hotel of listed conglomerate Hayleys Plc, fell 46 percent in the September quarter from a year earlier to 41.8 million rupees, on flat revenue growth and rising costs, interim accounts showed.

The hotel reported earnings of 32 cents a share in the quarter.

In the six months to end September - the off-season for tourism - earnings were 14 cents a share on a profit of 34.5 million rupees, down 32 percent from a year earlier.

The stock closed 1 rupee lower on Wednesday at 15.30 rupees.

During the quarter, revenue growth was flat from a year earlier at 834 million rupees, cost of sales fell 5 percent to 382.4 million rupees and turnover tax grew a marginal 1 percent to 26.6 million rupees resulting in gross profits growing 4 percent to 425 million rupees.

Administrative costs rose 5 percent to 282.7 million rupees.

Net finance cost increased 261 percent to 50.9 million rupees despite borrowings shrinking 11 percent from a year earlier to 1.2 billion rupees at end September 2018 and cash deposits held with banks growing 180 percent to 266.6 million rupees. (COLOMBO, 01 November 2018)

[ruwan326]

Financial Performance- Period ended 31 December 2018

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[ruwan326]

Sri Lanka's NITF to pay Rs.50mn advance to two bombed hotels
Apr 24, 2019 


Sri Lanka's state-owned National Insurance Trust Fund will pay 25 million rupees each in advance insurance claims to The Kingsbury and Cinnamon Grand Hotels following the Easter Sunday bombings, a top official said.

"We have yet to do assessments on the full extent of the damage," NITF Chairman Manjula de Silva said.
"We will be paying 25 million rupees each as an advance to two hotels," he said.

The local luxury hotels Cinnamon Grand and The Kingsbury will receive the advances, he said.
The NITF operates the Strike, Riot, Civil Commotion & Terrorism insurance fund.

Shangri-La Colombo, part of an international chain, which was the third luxury hotel that was targeted in the bombings, is covered under a global policy, de Silva said.
The Easter Bombings targeted three luxury hotels and three churches, killing over 350 people, and wounding over 500.

Among the dead were 39 foreigners, while 28 were wounded.
The government has pledged to rebuild the churches. 

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[yellow knifeTop contributor]

Dear Invisible ,

If you can kindly change the thread title as follows.

THE KINGSBURY PLC (SERV.N0000)

So it will be easy to re-refer. As I found a thread already dedicated on SERV.N 0000 I thought of continuing the same thread.

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2018/19

Eventhough 2018/19 was a good year for SL tourism ( before Easter Sunday attack) , not all hotels enjoyed the same benefits across the board.

Opening up of many hotels in Colombo City as well as the spreading trend of low-cost home stays affected to the earnings of The Kingsbury.

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[yellow knifeTop contributor]

This situation can be clearly understood with the graphics on Earnings.

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[yellow knifeTop contributor]

Net Assets position is improving.

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[yellow knifeTop contributor]

This hotel which was affected by suicide bomb blast were first to recover from that.

Hotel has taken steps to address less occupancy issue by conducting events, weddings as well as promoting restaurants. The Restaurants are much in demand and used to be packed before Easter attack. Now the Colombo City Hotels have recovered much though the arrivals are improving slowly.

[ruwan326]

Thank you Yellow,

Good job. Last time you update TPL & today price fall in to 43/=. Hope tomorrow SERV will not fall below 10/=

No worries I keep these counters in never sell basket.

[ruwan326]

Sri Lanka Easter bombing hit at The Kingsbury total Rs93mn

Aug 01, 2019

Sri Lanka's The Kingsbury Plc, which was one of the hotels bombed on Easter Sunday, had incurred 93 million rupees in damages to assets from the terror attack, the firm said in its interim financial statement.


The hotel, part of the Hayleys Group, was among three luxury properties which were bombed, along with three churches, killing over 250 persons, including 44 foreigners.

The bomb at The Kingsbury hotel had been set off inside its Harbour Court main restaurant.

The firm said that it has already received a 70 million rupee partial insurance claim for the damages.

Net losses at the hotel for the June quarter rose to 250 million rupees from 7.2 million rupees a year earlier due to the bombings.

The hotel reported a 1.03 rupee net loss per share for the quarter. The Kingsbury share closed at 12.30 rupees on Thursday, up 20 cents.

During the quarter, net revenue was down 60 percent from a year earlier to 252.7 million rupees, while cost of sales fell 30 percent to 231 million rupees resulting in gross profits falling 93 percent to 21.6 million rupees.

Net finance costs fell marginally by 3.73 percent to 20 million rupees with a 13.4 percent drop in interest of borrowings to 94 million rupees and cash deposits shrunk 39.5 percent to 81 million rupees from a year earlier.

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[sereneTop contributor]

Thanks Ruwan.
In January with the tag of number 1 tourist destination in the bag wished for real upsurge of hotel shares.
Saharan and connected parties ruined all but themshelves.

[Fireandwater]

Guys , dont you think Galadari is more valuable than Kingsbury at this point in time. Its a totally run down hotel with potential. Its BV is Rs.21 and EPS 0.44 cents and trading at Rs.7 levels. The land bank of the hotel is also big in the area. ?