Renuka City Hotels posts Rs. 101.7 m pre-tax profit in 2Q

Tuesday, 3 December 2013 01:18 - - {{hitsCtrl.values.hits}}

Showing continued buoyancy and resilience Renuka City Hotels PLC has reported a Rs. 101.7 million pre-tax profit in the second quarter, up by a substantial 90% gain over the corresponding period of last financial year. Impressive performance in the 2Q has helped boost first half pre-tax profit to Rs. 186 million, up by 10% over the first half of FY13. As per provisional results, Renuka City Hotels PLC’s after-tax profit was Rs. 98.5 million in the 2Q, up by 111.4% over the 2Q of FY13, whilst in

the first half of FY14 the amount was Rs. 180 million, up by 16% over the first half of FY13. The company’s top line has seen a 31% growth to Rs. 72 million in the 2Q and 21% increase in 1H to Rs. 129 million. Gross profit grew by 26% to Rs. 63 million in 2Q and by 19% to Rs. 114 million in 1H. Given Renuka City Hotels PLC’s prudent management of cash and investment portfolio, other operating income of Rs. 86.5 million in 2Q (up by 183%) had helped the company. In the first half, other operating income grew by 19% to Rs. 132 million. Second quarter earnings per share were Rs. 14.08, up from Rs. 6.66 a year earlier and Rs. 25.69 in the 1H as against Rs. 22.18 in the corresponding period of last year. In the financial year ended on 31 March 2013, Renuka City Hotels PLC posted revenue of Rs. 221.3 million and a gross profit of Rs. 189 million and other operating income contributed to Rs. 177.2 million. Pre-tax profit was Rs. 288 million and the bottom line was Rs. 246.5 million. The company continues to have zero finance expenses and its assets as at 30 September 2013 were Rs. 3.45 billion translating to a net asset per share of Rs. 482.41, up from Rs. 407 a year earlier and Rs. 446 at the end of FY13. The Board of Directors of Renuka City Hotels PLC comprises of Ravi Thambiayah (Chairman), F.H. Puvimanasinghe, N.A. Thambiayah, M.A. Jayawardena, S.R. Thambiayah, C.S. Wijeyeratne, A.L. Thambiayah, R.M.L. Tissanayaam and N.R. Thambiayah.