Trans Asia Hotels 4Q12 net down 28% to Rs.272 mn

Trans Asia Hotels 4Q12 net down 28% to Rs.272 mn Trans Asia Hotels PLC, which is the managing company of Cinnamon Lakeside, Colombo, witnessed a fall in net profit of 28 percent year-on-year (YOY) to Rs.272 million during the quarter ended March 31, 2012, interim financials revealed.

Earnings per Share (EPS) of the Company during the quarter under review stood at Rs.1.36 as against Rs.1.88 during the corresponding period of the previous year.

Although revenue during the quarter in consideration increased 20 percent YOY to Rs.681 million, administrative and operating expenses of the company increased considerably.

Accordingly, administrative expenses was up 24 percent YOY to Rs.153 million and operating expenses increased 16 percent YOY to Rs.67 million. Finance expenses of Trans Asia during the quarter under review fell 89 percent YOY to Rs.1805.

Gross profit for the period was up 25 percent to Rs.457 million.

Further the Company’s gains in fair value of investment property was down from Rs.230 million in 4Q11 to Rs.100 million in 4Q12.

Also the interim financials disclosed that there was a fair increase in income tax paid by the company during the quarter under consideration which was up 105 percent YOY to Rs.60 million.

Meanwhile for the year ended March 31, 2012, the Company posted a net profit of Rs.630.5 million which was down 4 percent YOY, while EPS for the year under review stood at Rs.3.15 as against Rs.3.3 during the previous year.