Jetwing Symphony PLC (JETS), the investment arm of Jetwing, announced results for the financial performance in Q3 FY 2018/19.
Jetwing Symphony PLC recorded revenue of Rs. 484 million for the quarter ended 31st December 2018. Revenue for the first 9-months of FY19 reached Rs. 1,303 million, an increase of 30% compared to the corresponding period for FY18.
The group reported a significant 3,479% EBIT growth (QoQ) with Jetwing Yala, Jetwing Lake, Jetwing Colombo Seven and Jetwing Kaduruketha declaring positive EBIT figures. EBIT growth was primarily driven by an increase in the ARR across all operating hotels with Jetwing Kaduruketha reporting the largest increase of 83% (QoQ).
This is in line with management’s continuous aspiration to position their hotels to achieve significantly higher ARRs which will ultimately improve Group profitability.
The Group recorded a loss of Rs. 131 million for the quarter, of which foreign exchange losses accounted for over Rs. 99 million as the LKR depreciated by c.7.9% against the USD during the quarter under consideration. Political unrest during that quarter had an impact of the occupancy rates for the city hotel with Jetwing Colombo Seven seeing a 3% drop in overall occupation.
Hiran Cooray, Chairman of Jetwing Symphony PLC, commented: “Our team was able to deliver star-class service, to all our guests, keeping up with the world-renowned Sri Lankan hospitality, enabling us to remain ahead in a competitive industry.
Add new comment