The Kingsbury checks-in to profitability

Friday, 23 May 2014 01:11 - - {{hitsCtrl.values.hits}}

The Kingsbury has made an impressive turnaround in financial year 2013/14, with an entry into profitability from a loss situation last year. The company has announced a Rs. 32.7 million net profit in comparison to a loss of Rs. 450 million in FY12/13. In the last quarter of FY13/14 financial year, the net profit was Rs. 42.2 million as opposed to a loss of Rs. 108.4 million a year earlier. In its first full year of operations The Kingsbury’s turnover was Rs. 2.2 billion in FY13/14 of which Rs. 610 million had been in the last quarter. Gross profit amounted to Rs. 1.1 billion whilst operating profit was Rs. 303 million. The improved bottom line is despite The Kingsbury being burdened with Rs. 282 million finance expenses largely arising out of its mega refurbishment. In FY 12/13, finance expense was Rs. 84 million. The Board of Directors of The Kingsbury comprises A.M. Pandithage (Chairman), L.T. Samarawickrama (Managing Director), S.P. Dissanayake (General Manager), S.C. Ganegoda, S.J. Wijesinghe, N.J. De Silva Deva-Aditya, L.N. De S. Wijeyeratne, K.D.D. Perera, R.N. Ponnambalam, W.D.N.H. Perera, J.P. Van Twest, I. Jamaldeen (Alternate to K.D.D. Perera) and D.E. Silva.

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