Galadari Hotels (Lanka) PLC has signed agreements with Radisson Hotels Asia Pacific Investments Ltd. for the development and management of a five-star hotel in Colombo. The Galadari Hotel will be renovated and rebranded as the “Radisson Blu Hotel Galadari Colombo.” The company plans to hold a shareholder meeting on July 6th to seek approval for this major transaction. In the fiscal year 2022, the company’s revenue more than doubled to Rs. 1.2 billion, with a pre-tax profit of Rs. 65.5 million. In the first quarter of fiscal year 2023, the company achieved a pre-tax profit of Rs. 86 million. As of March 31st, 2023, the accumulated losses amounted to Rs. 10 billion.
- Lankan entity signs Hotel Development Services Agreement and Hotel Management Agreement with multinational hospitality company, Radisson Hotels Asia Pacific Investments
- EGM called for 6 July for shareholder approval for major transaction
- Chairman says new iconic Galadari Hotel will be brought to life with the renovation and will give required leverage to compete on par with other city hotels in Colombo
- FY22 top line more than doubles to Rs. 1.2 b
- Rs. 330 m finance income helps company post pre-tax profit of Rs. 65.5 m; FY23 1Q pre-tax profit at Rs. 86 m
- As at 31 March 2023 accumulated loss at Rs. 10 b