Pegasus Hotels of Ceylon PLC
A Carson Cumberbatch Company
Interim report for the year ended 31st March 2022
PEGASUS HOTELS OF CEYLON PLC
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME - GROUP (All figures are in Sri Lankan Rupees Thousands)
Three months ended | Year ended | |||||
31st March | 31st March | |||||
2022 | 2021 | Change | 2022 | 2021 | ||
% | % | |||||
Revenue | 172,110 | 85,836 | 101 | 386,075 | 197,547 | 95 |
Direct costs | (120,363) | (74,595) | 61 | (350,070) | (261,881) | 34 |
Gross profit / (loss) | 51,747 | 11,241 | 360 | 36,005 | (64,334) | (156) |
Other income | 950 | 2,201 | (57) | 3,895 | 6,264 | (38) |
Administrative expenses | (50,235) | (17,289) | 191 | (170,510) | (137,015) | 24 |
Loss from operations | (4,098) | (9,053) | (55) | (142,413) | (206,126) | (31) |
Impairment of goodwill / Investment in subsidiary | (65,515) | (49,772) | 32 | (65,515) | (49,772) | 32 |
Finance income | 7,796 | 1,942 | 301 | 12,992 | 11,163 | 16 |
Finance costs | (5,349) | (1,519) | 252 | (19,517) | (13,454) | 45 |
Net finance income / (cost) | 2,447 | 423 | 478 | (6,525) | (2,291) | 185 |
Loss before taxation | (67,166) | (58,402) | 15 | (214,453) | (258,189) | (17) |
Deferred taxation | (558) | 1,230 | (145) | 20,823 | 32,079 | (35) |
Loss for the period / year | (67,329) | (58,709) | 15 | (193,630) | (229,824) | (16) |
Other comprehensive income | ||||||
Items that will not be reclassified to profit or loss | ||||||
Actuarial gain / (loss) from valuation of employee | ||||||
benefits | 8,600 | (3,155) | (373) | 8,600 | (3,155) | (373) |
Revaluation of property, plant and equipment | 465,706 | 383,368 | 21 | 465,706 | 383,368 | 21 |
Related tax | (66,403) | (53,230) | 25 | (66,403) | (53,230) | 25 |
Other comprehensive income / (expense) for the | ||||||
period / year | 407,903 | 326,983 | 25 | 407,903 | 326,983 | 25 |
Total comprehensive income / (expense) for the | ||||||
period / year | 340,574 | 268,274 | 27 | 214,273 | 97,159 | 121 |
Earnings / (loss) per share (Rs.) | (2.22) | (1.93) | (6.37) | (7.56) |
Change % represents the percentage change in current period's results compared to the comparative period of previous year.
Figures in brackets indicate deductions.
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PEGASUS HOTELS OF CEYLON PLC
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME - COMPANY (All figures are in Sri Lankan Rupees Thousands)
Three months ended | Year ended | |||||
31st March | 31st March | Change | ||||
2022 | 2021 | Change | 2022 | 2021 | ||
% | % | |||||
Revenue | 144,967 | 68,294 | 112 | 325,117 | 151,200 | 115 |
Direct costs | (100,953) | (61,094) | 65 | (292,981) | (214,073) | 37 |
Gross profit / (loss) | 44,014 | 7,200 | 511 | 32,136 | (62,873) | (151) |
Other income / (expense) | (15) | 1,427 | (101) | 940 | 3,503 | (73) |
Selling and promotional expenses | (5,473) | (5,159) | 6 | (9,348) | (8,970) | 4 |
Administrative expenses | (43,171) | (15,882) | 172 | (144,720) | (115,830) | 25 |
Loss from operations | (4,645) | (12,414) | (63) | (120,992) | (184,170) | (34) |
Finance income | 7,768 | 1,795 | 333 | 12,748 | 10,867 | 17 |
Finance costs | (1,809) | (569) | 218 | (7,704) | (4,296) | 79 |
Net finance income | 5,959 | 1,226 | 386 | 5,044 | 6,571 | (23) |
Profit / (loss) before taxation | 1,314 | (60,960) | (102) | (115,948) | (227,371) | (49) |
Income tax expenses | 395 | (1,537) | (126) | - | (3,714) | (100) |
Deferred taxation | (501) | 1,573 | (132) | 16,292 | 27,633 | (41) |
Profit / (loss) for the period / year | 1,208 | (60,924) | (102) | (99,656) | (203,452) | (51) |
Other comprehensive income | ||||||
Items that will not be reclassified to profit or loss | ||||||
Actuarial gain / (loss) from valuation of employee | ||||||
benefits | 5,972 | (1,984) | (401) | 5,972 | (1,984) | (401) |
436,951 | 286,115 | 53 | 436,951 | 286,115 | 53 | |
Related tax | (62,009) | (39,778) | 56 | (62,009) | (39,778) | 56 |
Other comprehensive income / (expense) for the | ||||||
period / year | 380,914 | 244,353 | 56 | 380,914 | 244,353 | 56 |
Total comprehensive income / (expense) for the | ||||||
period / year | 382,122 | 183,429 | 108 | 281,258 | 40,901 | 588 |
Earnings / (loss) per share (Rs.) | 0.04 | (2.00) | (3.28) | (6.69) | ||
Dividend per share (Rs.) | - | - | - | - |
Change % represents the percentage change in current period's results compared to the comparative period of previous year.
Figures in brackets indicate deductions.
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PEGASUS HOTELS OF CEYLON PLC
STATEMENT OF FINANCIAL POSITION
(All figures are in Sri Lankan Rupees Thousands)
Group | Company | |||
As at | 31.03.2022 | 31.03.2021 | 31.03.2022 | 31.03.2021 |
(Audited) | (Audited) | |||
ASSETS | ||||
Non-current assets | ||||
Property, plant and equipment | 2,699,883 | 2,301,175 | 2,363,151 | 1,980,722 |
Right-of-use assets | 5,624 | 5,826 | - | - |
Intangible assets | 1,008 | 66,859 | - | - |
Investment in subsidiary | - | - | 60,451 | 60,451 |
Compensation receivable | 24,759 | 24,759 | 24,759 | 24,759 |
Current assets | ||||
Inventories | 22,778 | 18,515 | 18,361 | 14,832 |
Investment in fixed deposits | 36,276 | 131,720 | 36,276 | 131,720 |
Fair value through profit or loss financial assets | 12,998 | 16,270 | 12,959 | 4,226 |
Tax receivable | 1,668 | - | 1,134 | - |
Cash and cash equivalents | 79,920 | 7,103 | 77,915 | 6,645 |
Total assets | 2,942,414 | 2,605,871 | 2,641,757 | 2,248,702 |
EQUITY AND LIABILITIES | ||||
Equity | ||||
Stated capital | 515,170 | 515,170 | 515,170 | 515,170 |
Capital reserves | 1,790,805 | 1,390,298 | 1,594,889 | 1,219,111 |
Revenue reserves | (109,854) | 76,290 | 4,725 | 99,155 |
Total equity | 2,196,121 | 1,981,758 | 2,114,784 | 1,833,436 |
Non-current liabilities | ||||
Deferred tax liability | 267,246 | 221,666 | 251,161 | 205,444 |
Employee benefits | 15,729 | 28,784 | 12,165 | 21,762 |
Loans and borrowings | 176,982 | 157,185 | 73,177 | 46,812 |
Lease liability | 9,505 | 9,204 | - | - |
Total non-current liabilities | 469,462 | 416,839 | 336,503 | 274,018 |
Current liabilities | ||||
Trade and other payables | 146,824 | 115,152 | 105,014 | 77,627 |
Loans and borrowings | 129,434 | 88,620 | 85,456 | 61,541 |
Bank overdraft | - | 1,959 | - | 607 |
Total current liabilities | 276,831 | 207,274 | 190,470 | 141,248 |
Total equity and liabilities | 2,942,414 | 2,605,871 | 2,641,757 | 2,248,702 |
Net assets per share (Rs.) | 72.26 | 65.21 | 69.58 | 60.33 |
The Statement of Financial Position as at 31st March 2022 and the related Statements of Profit or Loss and Other Comprehensive Income, Changes in Equity and Cash Flows for the year then ended as disclosed in pages 1 to 5 have been drawn up from unaudited financial statements.
I certify that these financial statements are in compliance with the requirements of Companies Act, No. 7 of 2007.
(Sgd).
V.R. Wijesinghe
Director - Finance
Carsons Management Services (Private) Limited
The Board of Directors is responsible for the preparation and presentation of these financial statements.
Approved and signed on behalf of the Managers, | Approved and signed on behalf of the Board, | |
(Sgd). | (Sgd). | (Sgd). |
A.P. Weeratunge | D.C.R. Gunawardena | K. Selvanathan |
Director | Chairman | Director |
Carsons Management Services (Private) Limited |
27th May 2022
Colombo
Page 3
PEGASUS HOTELS OF CEYLON PLC STATEMENT OF CHANGES IN EQUITY
(All figures are in Sri Lankan Rupees Thousands)
Group | Capital | Revenue | ||
Stated capital | reserves | reserves | Total equity | |
Balance as at 1st April 2021 | 515,170 | 1,390,298 | 76,290 | 1,981,758 |
Loss for the year | - | - | (193,630) | (193,630) |
Other comprehensive income / (expense) for the year | - | 400,507 | 7,396 | 407,903 |
Total comprehensive income / (expense) for the year | - | 400,507 | (186,234) | 214,273 |
Forfeiture of unclaimed dividends | - | - | 90 | 90 |
Balance as at 31st March 2022 (Unaudited) | 515,170 | 1,790,805 | (109,854) | 2,196,121 |
Balance as at 1st April 2020 | 515,170 | 1,060,602 | 308,650 | 1,884,422 |
Loss for the year | - | - | (229,824) | (229,824) |
Other comprehensive income / (expense) for the year | - | 329,696 | (2,713) | 326,983 |
Total comprehensive income / (expense) for the year | - | 329,696 | (232,537) | 97,159 |
Forfeiture of unclaimed dividends | - | - | 177 | 177 |
Balance as at 31st March 2021 (Audited) | 515,170 | 1,390,298 | 76,290 | 1,981,758 |
Company | Capital | Revenue | ||
Stated capital | reserves | reserves | Total equity | |
Balance as at 1st April 2021 | 515,170 | 1,219,111 | 99,155 | 1,833,436 |
Loss for the year | - | - | (99,656) | (99,656) |
Other comprehensive income / (expense) for the year | - | 375,778 | 5,136 | 380,914 |
Total comprehensive income / (expense) for the year | - | 375,778 | (94,520) | 281,258 |
Forfeiture of unclaimed dividends | - | - | 90 | 90 |
Balance as at 31st March 2022 (Unaudited) | 515,170 | 1,594,889 | 4,725 | 2,114,784 |
Balance as at 1st April 2020 | 515,170 | 973,052 | 304,136 | 1,792,358 |
Loss for the year | - | - | (203,452) | (203,452) |
Other comprehensive income / (expense) for the year | - | 246,059 | (1,706) | 244,353 |
Total comprehensive income / (expense) for the year | - | 246,059 | (205,158) | 40,901 |
Forfeiture of unclaimed dividends | - | - | 177 | 177 |
Balance as at 31st March 2021 (Audited) | 515,170 | 1,219,111 | 99,155 | 1,833,436 |
Figures in brackets indicate deductions.
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Pegasus Hotels of Ceylon plc published this content on 31 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 May 2022 10:19:04 UTC.