Jetwing Symphony ups 9 month revenues by 30% to Rs. 1.3 b

Thursday, 14 February 2019 00:32 - - {{hitsCtrl.values.hits}}

Jetwing Symphony PLC (JETS), the investment arm of Jetwing, has recorded revenue of Rs. 484 million for the quarter ended 31December 2018 and Rs. 1.3 billion for the first nine months of FY19, up 30% from a year earlier.

Jetwing Symphony Chairman Hiran Cooray

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 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.

Jetwing Symphony Chairman Hiran Cooray commented: “We are proud and delighted with our team’s contribution to the performance for this quarter, amidst strong headwinds. 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. Between Lonely Planet ranking Sri Lanka as the top country to travel in 2019 andthe fresh ‘So Sri Lanka’ campaign, we are confident in the growth prospects of the industry and believe that Jetwing Symphony is strategically placed to ride on this wave of expansion. The Symphony group is focused on expanding its operating hotel portfolio and venturing into new initiatives in line with our philosophy of maximising shareholder returns. We believe that the group is firmly positioned to enjoy multi-faceted growth in the immediate quarters to follow.”

Being a family-owned entity in the tourism industry for the past 45 years, Jetwing Hotels has surpassed stakeholder expectations in numerous aspects. The true essence of the brand is built on the foundation of being passionate and cultivating the true experience of traditional Sri Lankan hospitality, while being pioneers and trendsetters in the industry.

A strong vision and strategic direction has enabled Jetwing Hotels to imagine, create and manage masterpieces, where distinctive design and elegant comfort complement each other and the environment in a fusion of exotic luxury.

In line with the Group’s Sustainable Strategy across all properties; responsible practices are highlighted, with resource efficiency, community awareness, upliftment and education being some of the key focus areas.