Kingsbury hotel reports profit of Rs.300 mln
View(s):The Kingsbury PLC, the luxury five star city hotel in Colombo, says it “recorded an impressive financial performance for the FY 2014/15, within its second year of operation post –refurbishment”. The company posted a revenue of Rs.2.33 billion, up 9 per cent from last year while pre-tax profit before tax was Rs. 300 million, its highest ever, and almost nine times last year’s result of Rs. 34 million.
“Apart from the healthy Gross Profit margins of around 52 per cent, the hotel benefitted from the lower finance costs, with finance cost reducing from Rs.286 million in FY 2013/14 to Rs. 146 million during the current year,” it said. The hotel said its marketing strategy, positioning Kingsbury as a luxury city hotel in Colombo in many international trade fairs – London, Berlin, Paris and Rome, etc paved the way for the 229-room hotel to enjoy good occupancy year around, yielding an average of 75 per cent vis-à-vis 69 per cent during the last year.
During the year under review, the hotel partnered with William Angliss-Specialist Centre for Hospitality, a Tourism and Culinary Arts Training Institution based in Australia to train its staff to enhance their culinary and soft skills meeting international standards.