Docstoc

Profit and Loss Statement of Hotels - Excel

Document Sample
Profit and Loss Statement of Hotels - Excel Powered By Docstoc
					 MAHAWELI REACH HOTELS PLC
P.O.BOX 78,P.B.A.WEERAKOON MW,
              KANDY
                                MAHAWELI REACH HOTELS PLC


                                         Income Statement

                                         (All figures in Rs: '000)

                                                     ST
                                        YEAR ENDED 31 MARCH                     QUARTER       ENDING
                                            2010        2009                     Mar-10        Mar-09

                                                     Rs:                Rs:            Rs:         Rs:

Revenue                                         275,224          260,396           99,714      86,910
Cost of Sales                                   114,658          108,969           36,632      33,341



Gross Profit                                    160,566          151,427           63,082      53,569


Other Income                                                          2,199                      2,199

Administration Expenses                         (80,051)             (78,100)      (22,313)    (20,902)


Marketing & Promotion                           (13,085)             (11,615)       (5,116)     (4,353)

Other Costs                                     (40,537)             (45,884)       (9,868)    (11,289)

Finance Cost                                    (25,673)             (29,626)       (5,816)     (8,032)


Profit / Loss before Taxation                     1,220              (11,599)      19,969      11,192

Taxation                                             -                   -             -           -



Profit / Loss after Taxation                      1,220              (11,599)      19,969      11,192




Retained Loss Brought Forward                  (244,058)         (232,459)        (262,807)   (255,250)
Retained Loss Carried Forward                  (242,838)         (244,058)        (242,838)   (244,058)


Basic Earnings / (Loss) Per Share                   0.03               (0.25)         0.42        0.24

REVIEW

The Company recorded a turnover of Rs.275.2 Million for the financial year 2009/2010 compared to
Rs.260.4 Million for 2008/2009 yielding a Net Profit of Rs.1.2 Million and Loss of Rs.11.59 Million
respectively.

The peak business period for resort hotels coincides with the fourth quarter of the financial year.

The turnover for the fourth quarter of 2009/2010 was Rs.99.7 Million compared to Rs.86.9 Million for the
previous year and the Net Profit for the respective periods were Rs.19.9 Million and Rs.11.2 Million.

The main contributory factor for the increase in revenue for the last quarter was the increase in
occupancy by 21% from 44% the previous year.
                              MAHAWELI REACH HOTELS PLC                                                                MAHAWELI REACH HOTELS PLC


                            TWENTY LARGEST SHAREHOLDERS                                                                            BALANCE SHEET


For the year ended 31st March 2010                                                                                               (All figures in Rs: '000)


Name of the Shareholder                                   No.of Shares          %
                                                                                     AS AT 31ST MARCH                                                        2010               2009
Universal Enterprises Pvt Ltd                                  32,683,550    69.44
Mrs L R Panabokke                                               4,295,062     9.12   ASSETS EMPLOYED                                                                Rs:                Rs:
Gold Investments Ltd                                            1,436,848     3.05   Non Current Assets
Mr M U Maniku                                                   1,160,380     2.46   Property, Plant & Equipment                                              544,134             560,437
Sinhaputhra Finance Ltd                                           861,200     1.83
Mr R T Molligoda                                                 646,200      1.37   Current Assets
Mr M J Fernando                                                  550,000      1.17   Inventories                                                               15,488              15,905
Mr J A Panabokke                                                 424,171      0.90   Trade & Other Receivable                                                  40,063              37,692
Mr R A De Silva                                                  400,800      0.85   Economic Service Charge                                                     4,569              4,569
Mr A N Esufally                                                  332,000      0.71   Income Tax Refund Due                                                       3,474              3,474
Mackwoods Securities Ltd                                         229,627      0.49   Cash and Cash Equivalents                                                  1,030                 679
Mr A W Nanayakkara                                               167,400      0.36   TOTAL ASSETS                                                             608,758             622,756
Mr M S M Ali                                                     144,600      0.31
Waldock Mackanzie Limited / Delmage                              144,100      0.31   EQUITY AND LIABILITIES
Mr K M Panabokke                                                 131,000      0.28   Capital & Reserves
Mackwoods Enterprises Ltd                                         66,593      0.14   Stated Capital                                                           585,562             585,562
Dr L M A Pathmalal                                                66,100      0.14   Capital Reserves                                                          89,373              89,373
Mr R S Tissanayagam                                               60,200      0.13   Retained Earnings                                                        (242,838)          (244,058)
Mr R Ratna Gopal                                                  57,800      0.12   Shareholders Funds                                                       432,097             430,877
Waldock Mackanzie Limited / Mr Lalith                             55,000      0.12   Non Current Liabilities
Others                                                          3,153,816     6.70   Interest Bearing Borrowings                                               73,778              68,012
                                                               47,066,447   100.00   Retirement Benefit Obligations                                            10,753              11,288
                                                                                     Current Liabilities
                                                                                     Trade & Other Payable                                                     50,491              45,220
Shareholding              No.of Shares Held as at 31/03/2010                         Current Portion on Interest Bearing Borrowings                            11,382              26,854
                                                                                     Due to Directors                                                           1,271               1,271
Others                      39,796,096      84.55                                    Due to Related Companies                                                  13,966              13,338
Public                       7,270,351      15.45                                    Bank Overdrafts                                                           15,020              25,896
                                                                                     TOTAL EQUITY AND LIABILITIES                                             608,758             622,756
                            47,066,447     100.00
                                                                                     Net Assets Per Share                                                           9.18               9.15

                                                                                     These Financial Statements are in compliance with the requirements of the
Directors Shareholding as at 31/03/2010                                              Companies Act No.07 of 2007

Mrs L R Panabokke            4,295,062
Mr J A Panabokke               505,721
Brig C N Panabokke              33,000                                                                                                      J M Faider
Mr R T Molligoda               646,200                                                                                               Finance Officer
Mr A N Esufally                332,000                                               The above figures are provisional & subject to audit
Mr M U Maniku                1,160,380                                               Figures in brackets indicate deductions.
                  Total      6,972,363
                                                                                     Signed for and on behalf of the Board




                                                                                                                J A Panabokke                                              W P Hettiaratchi
                                                                                                                       Director                                               Director
                                                                                                                 20th May 2010
                                                   MAHAWELI REACH HOTELS PLC                                                                               MAHAWELI REACH HOTELS PLC

                                                       CASH FLOW STATEMENT                                                                            STATEMENT OF CHANGES IN EQUITY

                                                                                                                  For the year ended 31st March 2010

                                                                                                                                                        Stated          Preference        Capital     Revenue              Total
FOR THE YEAR ENDED 31ST MARCH                                                 2010               2009                                                   Capital        Share Capital     Reserves     Reserves
                                                                             Rs: 000            Rs: 000
                                                                                                                                                     Rs.      000    Rs.   000         Rs.   000    Rs.   000        Rs.     000
                                                                                                                  Balance as at 01.04.2008                   585,446     116                 89,373     (232,459)           442,476
CASH FLOW FROM OPERATING ACTIVITIES                                                                               Net Profit / Loss for the Period                                                       (11,599)           (11,599)
Profit / (Loss) before taxation                                                        1,220         (11,599)
                                                                                                                  Balance as at 31.03.2009                   585,446        116              89,373      (244,058)          430,877

Adjustment for :                                                                                                  Balance as at 01.04.2009                   585,446        116              89,373      (244,058)          430,877
Depreciation of property plant & equipment                                           23,040             22,920    Net Profit / Loss for the Period                                                          1,220             1,220
Interest Expenses                                                                    16,545             24,828
Lease Interest                                                                          223                381    Balance as at 31.03.2010                   585,446        116              89,373      (242,838)          432,097
Provision for Gratuity net of Payments                                                 (535)            (1,164)
Operating profit before working capital change                                       40,493             35,366

Increase/(Decrease) in Inventories                                                      418           (1,386)                                                Market prices of shares
(Increase)/Decrease in accounts receivables & others                                 (2,371)          10,060                                                           31/03/2009                     31/03/2010
Increase/(Decrease) in Related Party Balances                                           628            2,989                                                                                                                 .
Increase/(Decrease) in accounts payables                                              5,270          (13,921)             Highest Price (Rs)                               16.25                        24.25
Cash Generated from Operations                                                       44,438           33,108
                                                                                                                          Lowest Price (Rs)                                 8.00                        18.00
Interest paid                                                                        (16,545)        (24,828)
Income Tax (Paid) Received                                                               -            (1,426)             Closing Price (Rs)                               12.50                        22.00
Net cash flow from operating activities                                               27,893           6,854


                                                                                                                  Figures in brackets indicate deductions.
CASH FLOW FROM INVESTING ACTIVITIES
Purchase of Property Plant & Equipment                                                (6,737)        (10,009)     Notes

Net cash flow from investing activities                                               (6,737)        (10,009)     * The Stated Capital comprises of 47,066,447 Ordinary Shares & 11,660 Preference Shares.

                                                                                                                  * The Balance Sheet of the Company as at 31st March 2010, the Income Statement, Cash Flow Statement and
                                                                                                                  Statement of Changes in Equity of the Company for the 12 Months ended 31st March 2010, are drawn up
CASH FLOW FROM FINANCING ACTIVITIES
                                                                                                                  from unaudited Accounts of the Company and provide information as required by the Colombo Stock
                                                                                                                  Exchange and SLAS 35.
Repayment of Long Term Loans                                                          (8,721)        (13,222)
                                                                                                                  * Accounting policies and methods of computation as stated in the Annual Report 2009, are followed in the
Lease Rentals Paid                                                                    (1,208)           (1,042)
                                                                                                                  preperation of these Interim Accounts.
Net cash flow from financing activities                                               (9,929)        (14,264)
                                                                                                                  * Comparative figures have been re-stated wherever necessary to conform to the current periods
Net Increase/(decrease) in cash and cash equivalents during the period               11,227          (17,419)
                                                                                                                  presentation.


Cash & cash equivalents at the beginning of the period                               (25,217)           (7,798)   * There are no material events subsequent to the Balance Sheet date to report.
Cash & cash equivalents at the end of the period                                     (13,990)        (25,217)



End of the period
Cash at banks and in hand                                                              1,030             679
Bank overdraft                                                                       (15,020)        (25,896)
Figures in brackets indicates deductions.

				
DOCUMENT INFO
Description: Profit and Loss Statement of Hotels document sample