Citrus Leisure posts steady growth in Q3 2015/16

The Citrus Leisure Group announced a revenue of Rs. 323 million for the third quarter of 2015/16 ending 31 December 2015, a 66% growth compared to the corresponding quarter in 2014/15. 

The group’s first property Citrus Hikkaduwa contributed Rs. 79.7 million while the Group’s flagship property Citrus Waskaduwa contributed Rs. 188.6 million for the quarter. The performance by Citrus Waskaduwa was 67% higher than the corresponding quarter while Hikkaduwa’s quarterly performance was 7% higher in the same period. Citrus Silver which manages The Steuart by Citrus, the Colombo city business boutique hotel which opened in July 2015, contributed Rs. 48.4 million, while Citrus Vacations, the inbound and outbound travel arm largely contributed to the rest.

Both the Waskaduwa and Hikkaduwa properties saw higher occupancy rates year on year, while Citrus Silver posted healthy occupancies, having been launched in mid-2015. 

The Group recorded a gross operating profit of Rs 118 million for the quarter, significantly higher than the performance during the same quarter the previous year; all three operational properties made positive proportionate contributions towards the achievement. Hence Citrus Leisure is positioned to end its 2015/16 financial year on a stronger note compared to the previous year. 

The company is reviewing several proposals for the foreseen 60 room ayurveda spa resort in Kalpitiya. Meanwhile, the company continues to hold a strategic investment in a 20% stake of Colombo Land and Development PLC, which is an associate company of the Group. The Group’s substantial asset base includes a strategically located property in Passikudah, available for future development. No doubt these assets will gain value due to the renewed hype for the Passikudah region and planned efforts by the government for the Western Province mega city developments, the company said in its statement.