Galadari profits up at Rs.286 mln

The Galadari Hotel has made gains amounting to Rs.286 million in profit in 2013 after tax compared to losses in 2012 of Rs.861 million, the company stated releasing their financials on Tuesday.

This was achieved through the conversion of the Rs.7.2 billion loan to equity as part of the hotel’s restructuring efforts.

In addition, the management repaid loans to the Treasury amounting to Rs.263.6 million as a part settlement of the long outstanding loan to the government. The remaining Rs.263.6 million has been repaid in 2014, the company stated.

A notable factor at the Galadari Hotel is the drop in room revenue blamed on the market situation. This resulted in room revenues slowing down to Rs.632.5 million in 2013 compared to the previous year’s figure of Rs.853.5 million.

The company’s stocks moved up to Rs.8.9 million last year compared to Rs.1.8 million in 2012. In addition, the capital reserves saw a marginal increase from Rs.8.3 million in 2012 to Rs.8.6 million last year. The report states that the company’s stocks in terms of earnings per share had gone up by Rs.0.84.

However, revenue reserves had slipped to Rs.9.3 million compared to Rs.9.5 million in 2012.

But food and beverage revenues increased just marginally to Rs.770 million last year compared to Rs.768 million in 2012. Further, as part of its other income earnings it was found that the taxi charges had also dropped to Rs.761, 060 in 2013 as against over Rs.1 million earnings 2012. (SD)