Jetwing Symphony FY2019 revenue up 26% to Rs. 1.9 b

Tuesday, 14 May 2019 00:00 - - {{hitsCtrl.values.hits}}

Jetwing Symphony PLC (JETS), the investment arm of Jetwing Hotels, has recorded revenue of Rs. 608 million for the quarter ended 31March 2019 and Rs 1.9 billion for financial year 2019 reflecting 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.

Jetwing Symphony PLCChairman Hiran Cooraycommented: “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.”

Jetwing Symphony comes under the Jetwing family of hotels; a brand known as the home of Sri Lankan hospitality and is geared to deliver to the exponentially growing tourist arrivals to the country. Backed up by over four decades of experience, Jetwing Symphony PLC is creating a new future for tourism in Sri Lanka through innovative resorts in key destinations, complemented by the famed Jetwing approach to world class service and a firm commitment to responsible and sustainable operations.

Currently, Jetwing Yala, Jetwing Kaduruketha, Jetwing Lake, Jetwing Colombo Seven and Jetwing Surf are in operation.

While construction in Kandy is underway, a resort in Uppuveli is also in the pipeline, creating a network of properties spanning the country.