Sri Lanka Hotel Sigiriya net up 24-pct

Oct 23, 2012 (LBO) - Profits are Hotel Sigiriya Plc, which is located in central Sri Lanka, rose 24 percent to 16.5 million rupees in the September 2012 quarter, from a year earlier, interim accounts showed.

The firm reported earnings of 2.
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82 rupees for the quarter. In the six months to September the firm reported profits of 24.3 million rupees up 40 percent from a year earlier.

Earnings for the six months were 4.16 rupees a share.

Revenues during the September 2012 quarter rose 17 percent to 61million rupees from a year earlier and cost of sales rose at a slower 2.

0 percent allowing gross profits to grow 23 percent to 51 million rupees.

But administrative expenses rose 15 percent to 30.

2 million rupees and finance expenses rose seven times to 1.5 million rupees.

Sri Lanka is going through a tourism boom after a 30-year civil war ended.