Lighthouse hotel loses Rs. 155 m in 4Q20
2 years ago
One of Sri Lanka’s leading Hotel chains The Lighthouse Hotel PLC has recorded a loss of Rs.155.2 million during the quarter that ended on 31 December 2020, compared to the loss incurred of Rs.123.15 million last year. The group has recorded a gross profit of Rs. 75.84 million during the quarter ended on 31 December 2020, compared to a gross profit of Rs. 253.83 million in the same period the previous year, which is a decline of 70%. The Covid -19 pandemic took a major toll on the hospitality industry, impacting established hotels. The group recorded total revenue of Rs. 510 million during the financial year 2019/2020 compared to Rs. 850 million achieved during the previous period. 63 rooms of Jetwing Lighthouse were closed for refurbishment from 1 May 2019 to 31 July 2019. Hotel commenced commercial operations on 1st August 2019 after the refurbishment. Further, the Easter Sunday attacks in April 2019 negatively impacted the group but they were showing gradual recovery by December 2019. The outbreak of the Covid-19 pandemic on global and domestic tourism negatively impacted the revenues in the final quarter of the financial year as well. Hotel J – Unawatuna operated for the full financial year, which contributed revenue amounting to Rs 38 million to the group. The occupancy of the group stood at 40% for the financial year 2019/2020.