Port’s West Terminal ready for operation this month: JKH
View(s):Construction and other work of the West Container Terminal at the Port of Colombo by John Keells Holdings (JKH) in collaboration with India’s Adani Group will be completed by February 2025 and is expected to receive its inaugural test vessel, thereafter, signalling the commencement of its first phase of operations, the Colombo-based conglomerate said on Tuesday.
This information was released in a statement by JKH Chairman Krishan Balendra on the group’s third quarter results for 2024-25.
It said the 687-key ‘Cinnamon Life’ hotel, restaurants and banquet facilities commenced operations in October with all the food and beverage offerings, including the unique outdoor locations and wellness centre being progressively launched over the last few months with all outlets and spaces at the hotel now operational. Demand and bookings for the various event spaces at the property have exceeded expectations. The integrated resort’s residential and office towers have witnessed a resurgence in interest in the recent months. “Fit-out work of the gaming space is progressing well and is expected to be operational along with the retail mall in the third quarter of CY2025,” the statement said.
It said Group EBITDA at Rs.14.28 billion in the third quarter of the financial year 2024/25 is an increase of 4 per cent against Group EBITDA of Rs.13.74 billion recorded in the corresponding period of the previous financial year.
Group EBITDA includes substantial costs pertaining to the pre-opening and operations of the ‘Cinnamon Life’ hotel.
Group EBITDA for the quarter under review includes fair value gains on investment property while Group EBITDA in the third quarter of the previous year includes a deferred tax credit at South Asia Gateway Terminals (SAGT). Excluding these impacts, Group EBITDA for the third quarter of 2024/25 recorded an increase of 10 per cent to Rs.14.89 billion [2023/24 Q3: Rs.13.58 billion].
The Beverages and Frozen Confectionery businesses recorded a strong growth in profitability driven by double-digit volume growth and a sustained improvement in margins while the Supermarket business recorded a strong performance during the quarter, with same store sales recording a growth of 14 per cent, resulting in growth in profitability and margins.
“The performance of the Leisure industry group was impacted by the pre-opening and operating costs pertaining to the ‘Cinnamon Life’ hotel, together with the decline in profitability mainly attributable to the Colombo Hotels and the Maldivian Resorts segments due to the translation impact of a stronger Rupee as compared to the corresponding period in the previous financial year,” it said.
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