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| Tuesday, 28 October 2003 |
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Riverina Hotels in 348% net profit increase Riverina Hotels Limited announced their results for the six months ended September 30, 2003. The Company posted a net profit before tax of Rs. 27,313,000 as compared to Rs. 12,882,000 during the same period last year. This growth recorded a 348% increase in profits before tax when compared to the same period last year. Riverina Hotels Limited owns the 200 room Riverina Hotel in Beruwela, which is the biggest beach hotel in Sri Lanka. Commenting on the results, a company spokesperson said that these extraordinary results can be attributed to the upswing in tourism arrivals, with Riverina Hotel benefiting and experiencing high occupancy ranging around 87% for September and 86% for October. "The forward bookings for the Winter Season too look positive and Riverina Hotel will benefit from the demand for higher standard hotel accommodation. The Management plans to refurbish the Hotel in the course of the next financial year and this will make it even more attractive to foreign tourists" he said. Confifi Hotel Holdings Limited announced their results for the six months ended September 30, 2003 posting a profit before tax of Rs. 14,673,000, an increase of 299% as compared to the same period last year. The Confifi Hotel Holdings owns, The Club Palm Garden, one of the bigger beach hotels in Beruwela. Riverina Hotels is a part of the Confifi Group Hotels chain, one of the pioneering hotel management companies in Sri Lanka and this group alone accounts for over 1,100 beds on the Golden Mile beach of Beruwela. The Confifi Group was set up 30 years ago and covers a diverse range of activities from ownership and management of resort hotels, finance, engineering, export manufacturing, inbound travel, import and export trading. The Group commenced operations in 1969, when Sri Lanka was first being discovered as a tourist destination. Since then the Group has developed into one of the leading companies in Sri Lanka expanding its wings. The Directors of Riverina Hotels Limited are - Prof. M. T. A. Furkhan - (Chairman), M. H. M. Nazeer, Nowfel S. Jabir, M. C. T. Cassim, V. Balasubramaniam K. L. S. Kaviratne, A. C. M. Thassim, S. Furkhan, F. H. Ansar, P. T. P. C. Gomes. |
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