Citrus Leisure posts strong Q4 2015/16

Monday, 6 June 2016 00:29 -     - {{hitsCtrl.values.hits}}

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The Citrus Leisure Group announced very positive results for the fourth quarter ending 31 March 2016, resulting in a strong performance for the financial year.  

Accordingly, the Group recorded revenue of Rs. 1,093.7 million for FY 2015/16, a 76% growth compared to FY 2014/15. Citrus Waskaduwa contributed Rs. 651.3 million while Citrus Hikkaduwa contributed Rs. 295.7 million for the year. The performance by Citrus Waskaduwa was 104% higher than the previous year being the first year in full commercial operation while Hikkaduwa’s performance was higher by 9% for the year. Citrus Silver contributed Rs. 128.5 million, while the rest was contributed by Citrus Vacations.

1The Citrus Leisure Group revenue for the fourth quarter of 2015/16 was Rs. 378 million, a 49% growth compared to the corresponding quarter in 2014/15. The group’s first property, Citrus Hikkaduwa, contributed Rs. 110.9 million while the Group’s flagship property Citrus Waskaduwa contributed Rs. 215.6 million for the quarter. 

The performance by Citrus Waskaduwa was 46% higher than the corresponding quarter while Hikkaduwa’s quarterly performance was 13% higher than the same period. Citrus Silver, which manages The Steuart by Citrus, the Colombo city business boutique hotel which opened in July 2015, contributed Rs. 49.9 million, while Citrus Vacations, the inbound and outbound travel arm, contributed to the rest.

The Citrus Group recorded a Gross Operating Profit of Rs. 128.8 million for the quarter and Rs. 237.2 million for the FY 2015/16 making a significant improvement to its bottom line. On a very positive note, Kalpitiya Beach Resort Plc posted a Profit after Tax of Rs. 209.9 million for FY 2015/16. This was mainly due its strategic investment in Colombo Land and Development Plc reaping benefits.