Increased revenue and gross profits contributed to positive quarterly results for Hotel Sigiriya PLC according to its provisional financial statements released this week.
The hotel made a net profit of Rs.153,816 for the quarter ended 31 December 2009 compared to a loss of Rs.4.4 million for the corresponding period in 2008.
Revenue increased by 26% to Rs.24.3 million for the period while gross profit increased by 29% to Rs.18.5 million. Other income increased by 460% to Rs.1.06 million. The statements also show that the hotel recorded a net loss of Rs.6.3 million for the nine months ended 31 December 2009, down from a net loss of Rs.14.9 million for the same period in 2008.
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