Passikudah Beach Resort buys 12 acres for Rs. 169 m

Passikudah Beach Resort Ltd, a subsidiary of Citrus Leisure Plc announced it had purchased a land called Passikudah Estate in Passikudah, Batticaloa which was twelve acres one rood and twenty five decimal six five perches for Rs. 168.7 million.

Funds for the purchase had been advanced by Citrus Leisure Plc.

Citrus was formed with a long term objective to develop hotels and currently owns three properties: Citrus Hikkaduwa which opened recently after expansion, Citrus Waskaduwa and Citrus Kalpitiya, both 150 room luxury resorts to be completed by December 2012.

The board of directors of Citrus includes Prema Cooray, Dilith Jayaweera, Varuni Amunugama Fernando, Rajindra Seneviratne and Sarva Amarasekere.

The group earned revenue of Rs. 6.27 million in the six months to September 2011 while incurring a loss of Rs. 30 million. Shares of Citrus Leisure were last traded at Rs. 44.20.