Waskaduwa Beach Resort PLC
Interim Financial Statements For the Quarter Ended 30th June 2022
WASKADUWA BEACH RESORT PLC
CEO MESSAGE
Dear Shareholders,
It is with great pleasure that I share with you the interim financial statements of Waskaduwa Beach Resort PLC for the quarter ending 30th June 2022.
Overall, the Company recorded a revenue of Rs. 132 Mn (YoY 84%), Gross profit of Rs. 82 Mn (YoY 55%) and Loss After Tax Rs. 135 Mn for the quarter ending 30th June 2022. The hotel recorded 35% occupancy during the said quarter.Previous year's first quarter the hotel operated as a Intermediary care centre (ICC) in colloboration with Kings Hospitals Colombo and recorded a occupancy of 39 %.
However with the crisis situation in the country, most of the expenses and cost have increased sharply compared to previous year. Almost all food and beverage items increased over 300% and this has directly caused lower margins we had previously enjoyed since no major increase in selling price as we were unable to pass on most of the increases to the Srilankan travelers. Due to the lack of foreigners the company was not able to get the benefit of a higher exchange rate. Also with the continuous power cuts and shortage of fuel and also the increase in fuel prises, the hotel had to incur significant cost increase as generators had to be used on a daily basis for times ranging from 3 to 10 hours.
These factors have directly effected to the P&L of the Company hence Gross Profit margins dropped and at the same time operational expenses increasesd significantly for the quarter under review compared to previous year. Finance cost of the Company also increased drastically with the increase in interest rates over 100% compared to previous year.
Future Outlook
Eventhough inquiries for winter season is evident in the market most of our local and international agents are skeptical to confirm these bookings due to the current challengers faced by the industry stakeholders. Solutions need to be found to be addressed the fuel shortage immediately to convince international guests to decide travelling to srilanka. The Industry is expecting political stability in the country to ensure shortages of essencial commodities do not occur in the immediate future.
Thank You
Chandana Talwatte
Group CEO
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WASKADUWA BEACH RESORT PLC
STATEMENT OF COMPREHENSIVE INCOME
Quarter Ended 30th June | Year Ended | |||
2022 | 2021 | Increase / | 31st March | |
Unaudited | Unaudited | (Decrease) | Unaudited | |
Rs. | Rs. | % | Rs. | |
Revenue from contract with customers | 132,389,447 | 71,840,549 | 84% | 350,847,137 |
Cost of sales | (49,919,053) | (18,560,933) | 169% | (111,063,242) |
82,470,394 | 53,279,616 | 55% | 239,783,895 | |
Gross profit | ||||
Other income and gains | 473,944 | 4,279,495 | -89% | 9,883,725 |
Administrative expenses | (68,659,381) | (57,911,384) | 19% | (238,709,552) |
Operating expenses | (64,185,992) | (33,916,944) | 89% | (182,496,818) |
Selling and marketing expenses | (3,293,450) | (720,386) | 357% | (6,434,909) |
(53,194,485) | (34,989,603) | 52% | (177,973,659) | |
Operating loss | ||||
Finance income | 345,763 | 769,529 | -55% | 2,003,489 |
Finance expenses | (83,031,986) | (36,031,505) | 130% | (159,009,019) |
(135,880,708) | (70,251,579) | 93% | (334,979,189) | |
Loss before tax | ||||
Income tax expenses | (82,983) | (185,710) | -55% | (572,997) |
(135,963,691) | (70,437,289) | 93% | (335,552,186) | |
Net loss for the period | ||||
Other comprehensive income/ (loss) | ||||
Other comprehensive income (loss) not to be | ||||
reclassified to profit or loss in subsequent periods: | ||||
Revaluation gain on land & building | - | - | - | |
Deferred tax effect on revaluation of land and building | - | - | - | |
Actuarial loss on defined benefit plan | - | - | (1,114,341) | |
Income tax effect on actuarial loss | - | - | 156,008 | |
Other comprehensive income for the year, net of tax | - | - | (958,333) | |
Total comprehensive loss for the year, net of tax | (135,963,691) | (70,437,289) | (336,510,519) | |
Basic/diluted loss per share | (0.24) | (0.13) | (0.60) | |
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WASKADUWA BEACH RESORT PLC
STATEMENT OF FINANCIAL POSITION
As at | 30.06.2022 | 31.03.2022 | ||
Unaudited | Unaudited | |||
ASSETS | Rs. | Rs. | ||
Non current assets | 4,104,037,020 | |||
Property, plant and equipment | 4,135,724,655 | |||
Intangible assets | 222,640 | 312,641 | ||
4,104,259,660 | 4,136,037,296 | |||
Current assets | 32,771,474 | |||
Inventories | 19,618,132 | |||
Trade and other receivables | 22,056,332 | 28,755,477 | ||
Advance and prepayments | 9,416,255 | 18,488,035 | ||
Tax receivables | 5,649,917 | 5,732,900 | ||
Cash and cash equivalents | 26,492,387 | 26,581,767 | ||
96,386,365 | 99,176,311 | |||
Total assets | 4,200,646,025 | 4,235,213,607 | ||
EQUITY AND LIABILITIES | ||||
Capital and reserves | 2,901,702,750 | |||
Stated capital | 2,901,702,750 | |||
Revaluation reserve | 1,068,531,931 | 1,068,531,931 | ||
Accumulated losses | (2,319,309,489) | (2,183,345,798) | ||
Total equity | 1,650,925,192 | 1,786,888,883 | ||
Non-current liabilities | 1,705,916,314 | |||
Interest bearing loans and borrowings | 1,808,998,458 | |||
Other Payable - Related Parties | 47,038,187 | 28,561,494 | ||
Deferred tax liability | 172,930,180 | 172,930,180 | ||
Retirement benefit obligation | 11,545,461 | 11,099,398 | ||
1,937,430,142 | 2,021,589,530 | |||
Current liabilities | 230,663,734 | |||
Trade and other payables | 240,266,486 | |||
Interest bearing loans and borrowings | 360,081,493 | 173,692,806 | ||
Contract liability | 21,545,464 | 12,775,902 | ||
612,290,691 | 426,735,194 | |||
Total equity and liabilities | 4,200,646,025 | 4,235,213,607 |
These Financial Statements are in compliance with the requirements of the Companies Act No. 07 of 2007.
………..…………………
D. C. A. Sanadanayake Group Finance Manager
The Board of Directors is responsible for the preparation and presentation of these Financial Statements.
Signed for and on behalf of the Board by,
………..………………… | ………..………………… |
E.P.A.Cooray | S. A. Ameresekere |
Director | Director |
15th August 2022 | |
Colombo |
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WASKADUWA BEACH RESORT PLC
STATEMENT OF CHANGES IN EQUITY
Stated Capital | Revaluation | Retained | Total | ||
Reserve | Earnings | ||||
Rs. | Rs. | Rs. | Rs. | ||
Balance as at 01 April 2021 | 2,901,702,750 | 1,068,531,931 | (1,846,841,546) | 2,123,393,135 | |
Loss for the period | - | - | (70,437,289) | (70,437,289) | |
Balance as at 30 | June 2021 | 2,901,702,750 | 1,068,531,931 | (1,917,278,835) | 2,052,955,846 |
Balance as at 01 | April 2022 | 2,901,702,750 | 1,068,531,931 | (2,183,345,798) | 1,786,888,883 |
Loss for the period | - | - | (135,963,691) | (135,963,691) | |
Balance as at 30 | June 2022 | 2,901,702,750 | 1,068,531,931 | (2,319,309,489) | 1,650,925,192 |
Note |
The above figures are not audited
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Waskaduwa Beach Resort plc published this content on 15 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 August 2022 10:02:07 UTC.