Galadari Hotel to proceed with proposed refurbishment after 4-year hiatus

Galadari Hotels (Lanka) PLC has decided to proceed with the proposed refurbishment of the 450-room hotel after a 4-year hiatus, of which details are yet to be finalised. 
“.. the company now wishes to disclose in terms of Section 8 of the Listing Rules of the Colombo Stock Exchange that it will be proceeding with the renovation of Galadari Hotel Colombo, the details of which are still being finalised,” it announced in a stock market filing last Friday.

The company in May 2019 initially announced its plan to refurbish 400 rooms, MFP work and F&B outlets at an estimated cost of US$ 15 million. 
The refurbishment was originally scheduled to commence in June 2019, however it was pushed back as the company decided to come up with fresh design plans. 
As the details of the proposed refurbishment is yet to be finalised, the company didn’t reveal the updated details of the project including estimated cost and starting date of the refurbishment. 
“A further announcement will be made upon confirmation of the details,” the filing said.

The proposed refurbishment is expected to take place in phases and would be completed approximately within two years.
The company earned in Rs.37.47 million in net profits on Rs.345.1 million revenue in March quarter compared to Rs.9.96 million net profits on a Rs.295.3 million revenue a year ago.
As of 31st March, Galadari Brothers Co LLC directly had 63.57 percent stake in Galadari Hotels (Lanka) PLC