Jetwing Symphony Group posts Rs 89 mn profit in 4Q | Daily News

Jetwing Symphony Group posts Rs 89 mn profit in 4Q

Jetwing Symphony PLC (JETS), the investment arm of Jetwing Hotels, announced its results yesterday for the financial performance in 4Q FY 2018/19.

Jetwing Symphony PLC recorded revenue of Rs. 608 million for the quarter ended March 31-2019. Revenue for financial year ended reached Rs. 1,911 million, an increase of 26% compared to FY18. The group reported a 19% EBITDA growth (QoQ) with Jetwing Yala, Jetwing Lake, Jetwing Colombo Seven and Jetwing Kaduruketha declaring positive EBITDA figures. This growth was primarily driven by an increase in the ARR across all operating hotels and the management’s effective control of operational costs.

The Group recorded a profit of Rs 89 million for the quarter recovering from a loss of Rs. 3 million for the last corresponding quarter (Q4FY18). The loss for the year stood at Rs. 281 million of which foreign currency exchange losses stood at Rs. 156 million as a consequence of the LKR depreciating by c. 13% against the USD during the year under consideration.

Hiran Cooray, Chairman of Jetwing Symphony PLC, commented: “We are pleased to see our properties attracted an increasing number of guests during the quarter which is testament to the high level of quality and standards set by out dedicated team. They are what enable us to deliver a star-class performance and remain ahead in a competitive industry. My thoughts and prayers go to those who were affected by the cruel Easter Attacks and I’m appalled at the terror that resulted from this senseless act of cruelty. This recent calamity will have an immense impact on the tourism industry in the short to medium run, but we are comforted by the overwhelming love and support we have received from the international community. Once the situation is brought under control, I’m certain that tourism in the country will return to how it was.”

 

 

 


 

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