Browns Beach Hotels Group profits dip
View(s):Profits dipped at Browns Beach Hotels Group compared to the previous year, financial results released by the organisation stated.
During the financial year, the Browns Beach Hotels Group reported a profit after tax of Rs.93.2 million mainly on the interest income earned from the investments of the funds raised from the Rights Issue. However, profits recorded a considerable dip compred to last year’s Rs.187 million.
The group’s earnings per share had also slowed from Rs.1.45 in 2013 to 72 cents last year, the financial report stated. Browns Beach Hotels Group has commenced construction work on its new hotel that is expected to be operating during the financial year 2014/15, the report stated adding that it would be titled “Heritance Negombo” comprising 143 rooms.
The hotel is expected to cater to a multiple segment of clients including leisure, business and tourist travellers.