Taj Samudra Colombo kicks off June quarter earnings with promising start to city hotels 

Kicking off the second quarter earnings season, Tal Lanka Hotels PLC, the owners and operators of Taj Samudra Colombo reported higher top and bottomline performance  for the three months ended June 30, 2023. 
Providing a glimpse to how Colombo city hotels fared in the last three months, Tal Lanka Hotels reported revenue of Rs.805.7 million for the April – June period, more than doubling the Rs.325.2 million reported for the same period last year, which was gripped by economic and social instability. 

At the operating level however the hotel company reported a loss of Rs.60.2 million, sharply lower from the loss of Rs.228.9 million reported in the corresponding period in 2022 due to the deep dive in the visitor numbers as well as the sharp rise in operating costs in response to the hyperinflationary conditions. 

The tourist arrival numbers have so far been promising and offer hope for continued recovery, after a disastrous stretch marked by Easter attacks and the pandemic, boding favourably to the hospitality sector in the country. 
Tal Lanka Hotels’ stock gained 70 cents or 4.07 percent on Friday to settle at Rs.17.90 a share. 
The company reported a net profit of Rs.57.4 million or 41 cents a share for the three months under review compared to a loss of Rs.1,009.3 million or Rs.7.23 a share in the year earlier period reflecting the tough operating environment. 

Employees Provident Fund held 5.33 percent stake in Tal Lanka Hotels as of June 30 being its third largest shareholder.