"During the financial year under review, 40 per cent of our rooms were occupied by guests from emerging markets - a marked increase from the previous year’s composition of 30 per cent," Chairman Susantha Ratnayake told shareholders in an annual review.
"While we are mindful of the competition posed by the entry of many international brands to Sri Lanka and the availability of alternate accommodation such as luxury apartments, we are confident that the excellent service associated with the Cinnamon brand and the positioning of the hotel will enable it to overcome these challenges."
In the March 2013 quarter the firm reported profits of 442 million rupees up 66 percent from a year earlier, partly helped by a 288 million rupees fair value gain on property.
The firm reported earnings of 2.21 rupees per share. In the year