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Lighthouse Hotel, a member of the Jetwing Group will invest about Rs. 18 million to set up a spa and second swimming pool. Construction work is expected to be completed and open for winter customers by the end of the year.

"The spa was finalised some time ago, but we had to postpone development work temporarily due to the July 24 incident," Chairman, N.G.H.Cooray said in the annual report 2001/2002.

The company has made a profit of Rs. 21 million despite the overall downturn of arrivals of almost 30 percent, he said.

The turnover of the company decreased by only 14 percent from Rs. 128.8 million last year to Rs.111.1 million in the current year. Accordingly, the profit before tax of the company decreased from Rs.33.6 million last year to Rs. 24.8 million in the current year. The occupancy of the hotel too decreased from 70 percent last year to 53 percent in the current year.

However, the board has recommended a first and final tax free dividend of 5 percent on the share capital of the company.

The Hotel is now positioned as a premium Luxury Hotel in Sri Lanka and overseas. "However, on a continuous basis value addition in service is being made with the objective of finding new niche markets so as to improve the yield. The Sri Lankan market too continues to patronise the hotel. Special marketing and promotions are currently underway to celebrate five years of the hotel this June. The Galle Fort is also receiving much publicity as a 'living world heritage site' which would help in the marketing of the hotel, Mr. Cooray said.

With the current ceasefire, hopes of permanent peace in Sri Lanka in the near future and with enhanced marketing efforts at all levels to reposition the image of the country, a major revival in tourism is anticipated. This will no doubt be a tremendous boost to the future performance of the hotel. The tourism industry is also very hopeful that SriLankan Airlines will re-commence direct flights to Germany - one of Sri Lanka's largest generating markets - which is vital for the revival of the country's tourism, he said.

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Copyright 2001 The Associated Newspapers of Ceylon Ltd.
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