Home / Travel / Tourism/ Jetwing Symphony FY2019 revenue up 26% to Rs. 1.9 b

Jetwing Symphony FY2019 revenue up 26% to Rs. 1.9 b

Comments / {{hitsCtrl.values.hits}} Views / Tuesday, 14 May 2019 00:00


Jetwing Symphony PLC (JETS), the investment arm of Jetwing Hotels, has recorded revenue of Rs. 608 million for the quarter ended 31March 2019 and Rs 1.9 billion for financial year 2019 reflecting an increase of 26% compared to FY18. 

The group reported a 19% EBITDA growth (QoQ) with Jetwing Yala, Jetwing Lake, Jetwing Colombo Seven and Jetwing Kaduruketha declaring positive EBITDA figures. This growth was primarily driven by an increase in the ARR across all operating hotels and the management’s effective control of operational costs.

The Group recorded a profit of Rs. 89 million for the quarter recovering from a loss of Rs. 3 million for the last corresponding quarter (Q4FY18).

 The loss for the year stood at Rs. 281 million of which foreign currency exchange losses stood at Rs. 156 million as a consequence of the LKR depreciating by c. 13% against the USD during the year under consideration.

Jetwing Symphony PLCChairman Hiran Cooraycommented: “We are pleased to see our properties attracted an increasing number of guests during the quarter which is testament to the high level of quality and standards set by out dedicated team.

 They are what enable us to deliver a star-class performance and remain ahead in a competitive industry. My thoughts and prayers go to those who were affected by the cruel Easter attacks and I’m appalled at the terror that resulted from this senseless act of cruelty. 

This recent calamity will have an immense impact on the tourism industry in the short to medium run, but we are comforted by the overwhelming love and support we have received from the international community. Once the situation is brought under control, I’m certain that tourism in the country will return to how it was.”

Jetwing Symphony comes under the Jetwing family of hotels; a brand known as the home of Sri Lankan hospitality and is geared to deliver to the exponentially growing tourist arrivals to the country.  Backed up by over four decades of experience, Jetwing Symphony PLC is creating a new future for tourism in Sri Lanka through innovative resorts in key destinations, complemented by the famed Jetwing approach to world class service and a firm commitment to responsible and sustainable operations. 

Currently, Jetwing Yala, Jetwing Kaduruketha, Jetwing Lake, Jetwing Colombo Seven and Jetwing Surf are in operation. 

While construction in Kandy is underway, a resort in Uppuveli is also in the pipeline, creating a network of properties spanning the country.

Share This Article

Facebook Twitter


1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.


Today's Columnists

Trendvertising: The new world of communication in a hashtag world

Tuesday, 20 August 2019

Rahul Bose, an Indian actor, caught a lot of attention for a video post that went viral, where he complained about the price of bananas during his stay at a five-star hotel in Mumbai. As he explained in his story – he went to the gym at his hotel w

Company Law intertwined with Income Tax – Understanding the nexus! Part II

Tuesday, 20 August 2019

A comparison and analysing the impact of corresponding provisions of Companies Act No. 7 of 2007 and Inland Revenue Act No. 24 of 2017 reveals invaluable insights corporate management must be aware of in day-to-day management activities as well as st

Will ‘10 February’ be repeated?

Tuesday, 20 August 2019

Whilst Sri Lanka is in election mode, the thought crossing every Sri Lankans mind is, ‘Will the 10 February 2018 elections behaviour be repeated?’ given the head-start that ‘Brand Gota’ has got. Whilst many are speculating who will be the fig

Shanta Devarajan: Economist who cannot get disconnected from his motherland

Monday, 19 August 2019

For me, Shanta Devarajan, formerly the Acting Chief Economist of the World Bank Group succeeding the Nobel Laureate Paul Romer and presently Professor at Georgetown University, USA, was a legend by himself. When I met him in early part of the new mil

Columnists More

Special Report