Kingsbury records best-ever performance with pre-tax profit of Rs. 300 m

Wednesday, 10 June 2015 00:00 - - {{hitsCtrl.values.hits}}

The Kingsbury PLC, the luxury five star city hotel in Colombo, recorded an impressive financial performance for the FY 2014/15, within its second year of operation post-refurbishment.

The company posted a revenue of Rs. 2.33 b, a 9% increase from the last year. The profit before tax was a record Rs. 300 m, its highest ever, almost nine times of the last year’s result of Rs. 34 m. Apart from the healthy gross profit margins of around 52%, the hotel benefitted from the lower finance costs, with finance cost reducing from Rs. 286 m in FY 2013/14 to Rs. 146 m during the current year.

The hotel’s marketing strategy, positioning The Kingsbury as a luxury city hotel in Colombo in many international trade fairs – London, Berlin, Paris & Rome etc. has paved the way for the 229 room hotel to enjoy good occupancy year around, yielding an average of 75% vis-à-vis 69% during the last year.

During the year under review, the hotel partnered with William Angliss-Specialist Centre for Hospitality, a Tourism and Culinary Arts Training Institution based in Australia to train its staff to enhance their culinary and soft skills meeting international standards.

The Kingsbury is a recipient of the World Luxury Hotels, in the category of Best Luxury City Hotel in the Indian Ocean.

The company’s Board of Directors comprises Mohan Pandithage (Chairman/Executive), Dhammika Perera (Co-Chairman/Non-Executive), Lalin Samarawickrama (Managing Director), Johann Wijesinghe, Sarath Ganegoda, Dinesh Silva, Niranjan Deva Aditya, Lalith Wijeyeratne, Ramani Ponnambalam, Nimal Perera, J. Van Twest and I. Jamaldeen ( Alt. Director).