Steady performance at Citrus

Citrus Leisure Group has posted 102% growth in revenue for 2014/15, recording Rs 616 million of which its first property in Hikkaduwa contributed Rs 270 million.

The newly opened Citrus Waskaduwa hotel contributed Rs 317 million in revenue, operating only for nine months of the financial year.

The strong revenues were posted despite the entire industry experiencing a sharp drop in summer and winter arrivals from two of its key source markets - Ukraine and Russia - which were impacted by the Crimean crisis.

As a result, Citrus Hikkaduwa, the Group's first project, was unable to capitalise on an otherwise good year but maintained its profit momentum by recording an operational profit of Rs 66 million.

Citrus Waskaduwa reported an operational loss of Rs 195 million during its first year of operations in keeping with expectations, due to pre-opening expenses and due to being at fully operational capacity for around six months of the year.

The property was therefore unable to contract with most tour operators for the Winter season in 2014.As a result, the Citrus Leisure Group recorded an operational loss of Rs 151 million for the year ended 31 March 2015. The new financial year is set to be an exciting one for Citrus Leisure PLC, with Citrus Waskaduwa operating at full throttle and alternative marketing strategies at Citrus Hikkaduwa attracting new markets.

Soon, the Group will also make its entry into the City Hotel segment, through its fully owned subsidiary Citrus Silver Limited.