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Lighthouse Hotel and Spa has increased its profit before tax to Rs. 43.4 million in the financial year ended March 31, 2003 as against Rs. 24.7 million the previous year. The turnover of the hotel has also increased by 46% compared to the previous year, Chairman N.G.H.Cooray said.

The improved finance situation was attributed to the increase in tourist arrivals and the recovery of the industry as a result of the ongoing peace process.

"The tourism industry has shown a considerable recovery on the back of the peace process. The industry is also anticipating that the proposed Blue Print 'A vision for the future development of tourism' would become a reality soon," Cooray said in his statement.

The long awaited Tourism Promotion Bureau is due to be set up in 2003. "More aggressive marketing of our destination should result in attracting a large number of 'higher end' tourists and reduce the dependency on a few large tour operators to promote Sri Lanka which has in the past resulted in low yields," he said.

The company has recommended a first and final dividend of 8%.

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