Sri Lanka’s Waters Edge records profits for June 2019 heralding revival of country’s tourism sector
Waters Edge of Sri Lanka, which is engaged in the leisure and hospitality sector, has reportedly announced the company’s profits for the month of June 2019.
The company has stated that it has recorded a profit of Rs.18.5 million despite difficulties faced following the Easter Sunday attacks.
According to the local media, Waters Edge is currently working according to a strategic plan where the profits are improved by imposing cost-saving alternatives to deter the food costs rate of the hotel. It has been reported that one of the biggest losses all hotels across the industry experience is the amount of food wastage.
The strategic plan devised by the expertise of Waters Edge has shown signs of success since the hotel is reportedly recording below-average results in its food cost rate.
According to Waters Edge, the company has broken the myth of inevitable rate of food cost by maintaining an astounding rate under 25%, by minimizing wastage and adopting a right price purchase policy. The hotel has also assured that there has not been any compromise in quality of food in achieving this goal.
The management of the hotel has expressed confidence that the strategic plan will lead local hoteliers to new benchmarks and set new standards across the industry.
“We have further introduced the whistle-blower policy to minimize corruption and cost,” Enoj Muthukumarana, Director Strategic Initiatives has been quoted as saying.
Waters Edge has been identified as a unique destination of events with a range of banquet venues, ranging from capacities to aesthetics; perfect for weddings and corporate functions.
OSL take:
The profits recorded by Waters Edge in Sri Lanka is indicative that the country’s tourism industry, especially the leisure and hospitality sectors, is returning to normalcy following the blow suffered by the Easter Sunday attacks. The government of Sri Lanka has taken many steps to support the stakeholders of the country’s tourism industry and the tourism authorities are engaged in a global promotional campaign. All these measures have helped the country’s tourism sector hold ground during the difficult period that followed the Easter Sunday attacks. However, the relaxing of travel advisories on Sri Lanka by foreign countries, the special packages/deals offered to tourists in Sri Lanka and the maintaining of Sri Lanka as the destination of the year 2019 by Lonely Planet have helped increase tourist arrivals to Sri Lanka. In fact, Sri Lanka has recorded a continuous increase in tourist arrivals from the month of May. Therefore, Sri Lanka’s tourism industry has the potential to record a massive growth resulting in the expansion of business/investment opportunities in the industry.
| Article Code : | VBS/AT/11072019/Z_1 |