Jetwing Symphony records positive earnings with boost in tourism

The boost in Sri Lanka’s tourism sector has helped the entities in the industry, such as Jetwing Symphony PLC, to record positive earnings for the financial year ended on March 31, 2024, after having to deal with several shocks since the outbreak of the pandemic and then the economic crisis.
Jetwing Symphony, a holding company with a number of entities involved in the business of hoteliering, for the 12 months ended on March 31 (FY24), saw its earnings grow 115 percent year-on-year (YoY) to Rs.92 million, recovering from the Rs.632 million loss incurred in the 2023 financial year (FY23).

With the tourist arrivals having increased steadily last year, particularly having picked up the pace in 1Q24, the group recorded a revenue of Rs.3.6 billion, a 71 percent increase YoY.
During the year under review, 1,787,408 tourists visited the island nation.
For the 12 months, the group saw its gross profit expand Rs.79 percent, profit from operations expand 145 percent and profit before tax (PBT) surge 101 percent YoY. The latter recorded Rs.9.3 million, while in FY23, the group recorded a loss before tax of Rs.765 million. 
Meanwhile, for the quarter ended on March 31, (4Q), Jetwing Symphony recorded a profit of Rs.361 million, which is a 13 percent contraction from the corresponding period of the previous year.
The group saw its revenue expand 75 percent YoY to Rs.1.12 billion and gross profit grow 85 percent YoY to Rs.908 million. The cost of sales expanded 43 percent to Rs.219 million.
A filing of the interim financial statements to the Colombo Stock Exchange showed that the profit from the operations increased by 249 percent YoY to Rs.445 million in 4Q.
With finance expenses having grown 380 percent YoY to Rs.171 million, finance income dropping by 98 percent YoY to Rs.27 million and exchange gain from conversion of foreign currency loan reducing by 52 percent, for 4Q, Jetwing Symphony recorded a PBT of Rs.274 million, a 3 percent YoY contraction from the corresponding period of the previous year.
The basic earnings per share stood at Rs.0.17.