Citrus Hikkaduwa resort seeks Rs 480 mln loan

Business

Hikkaduwa Beach Resort PLC, owners of Citrus Hikkaduwa resort, plan to borrow Rs, 480 million from Sampath Bank, the company said on Thursday. The purpose of the loan was not revealed in the statement to the Colombo Stock Exchange. The company said it will be calling a shareholders’ meeting soon to seek approval for this borrowing and the mortgage of the land and buildings which are more than double the value of the intended loan. The group led by powerful stockmarket investor Dilith Jayaweera has reported a 25 per cent drop in post-tax profits to Rs 65.9 million for the year ending March 2015 from Rs 88.2 million in the previous year, according to its interim balance sheet released to the public. Revenue was virtually unchanged at Rs. 98.3 million against Rs.98.5 million while borrowings and loans fell to Rs.154.2 million from Rs. 228.6 million in 2013/2014, according to the interim results.

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