Sri Lanka’s Taj Lanka Hotels records revenue growth for quarter ended September 2019
Taj Lanka Hotels (TAJ) of Sri Lanka has reportedly recorded a robust revenue growth for the quarter ended September 2019. TAJ is a listed company in the Colombo Stock Exchange (CSE).
Reports state that revenue has increased 12% year over year for the second quarter to Rs. 704 million.
TAJ, which is the owner of the five star Taj Samudra Hotel in Colombo, has reported a small loss for the quarter of Rs. 29 million, much less than the Rs. 152 million lost in the prior year quarter.
According to local media reports, the September quarter is typically a slow one for Sri Lanka’s hotels as they gear up to enter the December peak season.
However, this year’s results were reportedly bolstered by a 10-day spiritual convention that is said to have attracted over 20,000 people from the Borah community to Sri Lanka from over 40 countries.
The convention provided a much needed boost in terms of revenue and confidence after Sri Lanka’s devastating Easter Sunday terror attacks in April.
OSL take:
The increase in revenue recorded by TAJ is yet another indication of the impressive return to normalcy of Sri Lanka’s tourism industry following the setback suffered in the Easter Sunday attacks in April. The continuous increase in tourist arrivals to the country along with the increase in foreign investments to the tourism sector are indicative of the growing business potential in Sri Lanka’s tourism industry. Sri Lanka continues to maintain the top slot as the destination of the year in several key global travel publications. Many hospitality businesses in Sri Lanka are currently engaged in refurbishment programmes to develop their establishments to be on par with the increasing demands of the travellers. Foreign businesses/investors could therefore explore business opportunities in Sri Lanka’s tourism industry.
| Article Code : | VBS/AT/20191118/Z_3 |