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| Thursday, 20 May 2004 |
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Beach Hotel Bayroo achieves best results Beach Hotel Bayroo managed by International Tourists and Hoteliers Limited, a subsidiary of John Keells Holdings has recorded a Rs. 25.5 million profit after tax for the last financial year registering the best ever results in its history. The hotel has also recorded an occupancy rate of 72% a significant increase from the previous year's figure of 56%. The growth in profit is attributed to the increase in occupancy brought about by the best tourists arrivals, return of Scandinavian market and the peaceful environment in the country. Chairman of the John Keells Holdings, V. Lintotawela in his review on the annual performance said that the directors have recommended a first and final dividend of 25% amounting to Rs. 19.375 million for approval by the shareholders. Capital expenditure of the year amounted to Rs 9.6 million. Lintotawela said that the company also commenced the refurbishment of guest room facilities during the year and the remaining rooms would be completed during the forthcoming off season. "The return of the Scandinavian market to Sri Lanka and the expansion of the market mix bodes well for the future to ensure that the country is not too dependent on one single market. The open sky policy of the government ensured that several new airlines started operating to Sri Lanka. The decision by the two Indian airlines to commence operating to Colombo will assist the growth of tourists arrivals from India", he said. He emphasised the need to bring legalisation for the creation of the Tourism Development Council on an urgent basis and to set up the proposed tourism promotional authority to ensure the promotion of the destination aggressively since Sri Lanka faces stiff competition from other destinations despite the record arrivals in the country. (SP) |
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