Cinnamon Life investment drives up costs for JKH in Q1 2024/25
View(s):Excluding these impacts, Group EBITDA for the first quarter of 2024/25 recorded an increase of 2 per cent to Rs.8.47 billion [2023/24 Q1: Rs.8.34 billion], the company said in a media release.
With Sri Lanka’s external debt restructuring progressing positively, the country rating is expected to witness an upgrade post the implementation of the international sovereign bond restructuring programme. The company announced a Rights Issue in the proportion of One (1) new ordinary share for every Ten (10) Ordinary Shares in issue, at a consideration of Rs.160/- per share, to raise ~Rs.24 billion. The Rights Issue will be followed by a Sub-division of Shares in the proportion of One (1) ordinary share to Ten (10) ordinary shares.
The company said finishing works at the ‘City of Dreams Sri Lanka’ integrated resort is progressing well, with the 687-key ‘Cinnamon Life’ hotel, restaurants and banquet facilities being in the final stages of fit-out to commence operations in October 2024. The remainder of the project comprising the 113-key ‘Nuwa’ hotel, gaming operations and retail mall, will be operational, in a phased manner, with overall completion of these elements scheduled for mid-CY2025.
Subsequent to the 20-year lease agreement for the demarcated gaming space at the ‘City of Dreams Sri Lanka’ being executed between Waterfront Properties (Pvt) Ltd and the locally incorporated subsidiary of Melco Resorts & Entertainment Limited (Melco), Melco has mobilised the teams to commence the fit-out work of the gaming space.
The work on the West Container Terminal (WCT-1) at the Port of Colombo is progressing well with the first phase of the terminal slated to be operational in the fourth quarter of 2024/25.
Profitability at SAGT recorded an increase driven by double-digit growth in throughput, on account of both domestic and transshipment volumes. The group’s Bunkering business, Lanka Marine Services (LMS) recorded double-digit volume growth during the quarter although profitability was impacted due a contraction in margins on account of volatile global fuel oil prices and intensified competition from local and regional players. Both the Beverages and the Frozen Confectionery businesses recorded an increase in EBITDA driven by a significant growth in margins and volumes.
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