Hayleys takes over Hunas Falls management, Jetwing ends 20 year role

Tuesday, 9 August 2011 01:28 - - {{hitsCtrl.values.hits}}

Hayleys Plc has taken over the management of hill capital iconic Hunas Falls Hotels Plc from this month with leisure sector specialist Jetwing ending its 20 year old role.

It was Hunas Falls which brought Hayleys and Jetwing together though of late the two have gone their separate ways. In March last year, Hayleys Group acquired Hunas Falls Hotels Plc and made it a subsidiary. Carbotels of Hayleys owns 51% stake in Hunas Falls whilst Jetwing continues to hold over 10% stake whilst Mercantile Investments is the second biggest shareholder with a 16% stake.

In the first quarter of 2011/12 financial year, Hunas Falls posted a net profit of Rs. 5 million, up from Rs. 2 million in the corresponding period of last year. In 2010/11 financial year the Company made a profit of Rs. 14.5 million. Hayleys Plc in the first quarter of 2011/12 financial year saw its leisure and aviation sector posting a turnover of Rs. 213.5 million, up from Rs. 186 million a year earlier.

In 2010/11, the full year figure was Rs. 925 million. The sector reported a marginal loss as against a profit of Rs. 24 million in 1Q of 2010/11, in which year the total profit amounted to Rs. 124 million.

Hayleys Chairman Mohan Pandithage said in the Leisure sector, the performance of Hotel Services (Ceylon) PLC was affected due to ongoing refurbishment of the Ceylon Continental Hotel. “Improved performance for the Group is expected for the rest of the period,” he added.