MARAWILA RESORTS PLC
CLUB PALM BAY
INTERIM RESULTS
For the Nine Months Ended
31st Dec 2024
8 - 5/2 , Leyden Bastian Road ,
York Arcade Building ,
Colombo 1
MARAWILA RESORTS PLC
CLUB PALM BAY
STATEMENT OF COMPREHENSIVE INCOME
COMPANY | COMPANY | COMPANY | ||||||
For the year | For the Quarter | For the Nine Months | ||||||
Ended | Ended 31st Dec | Ended 31st Dec | ||||||
Audited | Unaudited | Unaudited | Unaudited | Unaudited | ||||
31.03.2024 | 2024 | 2023 | Change | 2024 | 2023 | Change | ||
Rs.'000 | Rs.'000 | Rs.'000 | % | Rs.'000 | Rs.'000 | % | ||
762,236 | Revenue | 268,125 | 203,838 | 32 | 592,232 | 408,830 | 45 | |
(296,508) | Cost of Sales | (105,090) | (73,606) | (43) | (241,705) | (182,733) | 32 | |
465,728 | Gross Profit | 163,036 | 130,232 | 25 | 350,527 | 226,097 | 55 | |
1,413 | Other Operating Income / (Expenses) | 469 | 132 | 254 | 1,158 | 3,068 | (62) | |
(338,018) | Administrative & Operating Expenses | (88,351) | (83,468) | (6) | (262,990) | (235,098) | 12 | |
(19,071) | Promotional & Marketing Expenses | (5,344) | (3,405) | (57) | (13,438) | (12,281) | 9 | |
110,052 | Profit from Operating Activities | 69,810 | 43,492 | (61) | 75,257 | (18,214) | ||
(30,823) | Depreciation | (8,553) | (7,711) | (11) | (25,460) | (22,870) | 11 | |
(54,867) | Finance Expenses | (16,271) | (16,175) | (1) | (45,639) | (39,073) | 17 | |
24,362 | Profit before Exchange Loss | 44,986 | 19,606 | (129) | 4,157 | (80,157) | ||
34,966 | Exchange Gain/(Loss) From Conversion of Foreign Currency Loan | 6,349 | (2,987) | 313 | 7,641 | 5,270 | 45 | |
59,329 | Profit /(Loss) before Taxation | 51,335 | 16,619 | (209) | 11,798 | (74,888) | ||
10,826 | Taxation | - | - | - | - | - | ||
70,155 | Net Profit /(Loss) for the Period | 51,335 | 16,619 | (209) | 11,798 | (74,888) | (116) | |
Other Comprehensive Income | ||||||||
(9,594) | Actuarial Gain /( Loss ) on defined benefit plans | - | - | |||||
2,743 | Deferred Tax Reversal | - | ||||||
450 | FVTOCI | - | - | |||||
(6,401) | Total Other Comprehensive Income for the Period | - | - | |||||
63,754 | Total Comprehensive Income for the Period | 51,335 | 16,619 | (209) | 11,798 | (74,888) | (116) |
0.21 Loss Per Share
0.15
0.05
0.03
(0.21)
MARAWILA RESORTS PLC
CLUB PALM BAY
STATEMENT OF FINANCIAL POSITION
Mar 2024 | As at 31st | Dec 2024 | Dec 2023 |
Rs.'000 | Rs.'000 | Rs.'000 | |
Audited | Unaudited | Unaudited | |
ASSETS | |||
NON CURRENT ASSETS | |||
1,823,944 | Property Plant & Equipment | 1,860,028 | 1,800,062 |
8,639 | Available for Sale Financial Assets | 8,639 | 8,189 |
1,832,584 | 1,868,667 | 1,808,251 | |
CURRENT ASSETS | |||
20,700 | Inventories | 45,021 | 26,304 |
177,734 | Trade and Other Receivables | 75,472 | 108,579 |
39,203 | Amount due from Related Parties | 67,768 | 43,219 |
33,290 | Cash and Cash Equivalents | 68,590 | 52,074 |
270,927 | 256,852 | 230,176 | |
2,103,511 | Total Assets | 2,125,520 | 2,038,426 |
EQUITY & LIABILITIES | |||
EQUITY | |||
550,000 | Stated Capital | 550,000 | 1,565,346 |
285,644 | Revaluation Reserve | 285,644 | 285,644 |
(10,382) | FVTOCI Reserve / AFS Reserve | (10,247) | (10,833) |
50,364 | Accumulated Losses | 62,027 | (1,103,176) |
875,625 | Total Equity | 887,423 | 736,982 |
NON CURRENT LIABILITIES | |||
509,856 | Interest Bearing Borrowings | 387,735 | 492,595 |
16,597 | Retirement Benefit Obligations | 17,899 | 9,482 |
405,060 | Deferred Taxation | 405,060 | 418,629 |
931,513 | 810,695 | 920,707 | |
CURRENT LIABILITIES | |||
274,075 | Trade Creditors & Other Payables | 270,141 | 272,540 |
61 | Amounts Owed to Related Companies | 3,076 | 1,639 |
9,040 | Interest Bearing Borrowings | 77,355 | 77,355 |
13,197 | Bank Overdarft | 76,830 | 29,203 |
296,373 | 427,402 | 380,737 | |
2,103,511 | Total Equity & Liabilities | 2,125,520 | 2,038,426 |
2.49 | Net Assets per Share | 2.52 | 2.09 |
0 | (0) | (1) |
For and on behalf of the Board , | |
Sgd. | Sgd. |
Director | Director |
Amrit Rajaratnam | Anushman Rajaratnam |
Colombo | |
07th February 2025 |
MARAWILA RESORTS PLC
CLUB PALM BAY
STATEMENT OF CHANGES IN EQUITY
Stated Capital | FVTOCI Reserve / | ||||
Accumulated Losses | AFS Reserve | Revaluation Reserve | Total | ||
Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | Rs. '000 | |
Balance as at 01.04.2023 | 1,317,500 | (1,028,287) | (10,833) | 285,644 | 564,024 |
Loss for the period | - | (74,888) | - | (74,888) | |
Right Issue | 247,846 | 247,846 | |||
Balance as at 31.12.2023 | 1,565,346 | (1,103,176) | (10,833) | 285,644 | 736,983 |
- | - | - | - | ||
Balance as at 01.04.2024 | 550,000 | 50,229 | (10,247) | 285,644 | 875,625 |
Profit for the period | - | 11,798 | - | 11,798 | |
Balance as at 31.12.2024 | 550,000 | 62,027 | (10,247) | 285,644 | 887,423 |
MARAWILA RESORTS PLC
CLUB PALM BAY
STATEMENT OF CASH FLOWS
31.03.2024 | For the Nine Months Ended 31st December | 2024 | 2023 |
Audited | Unaudited | Unaudited | |
Rs.'000 | Rs.'000 | Rs.'000 | |
Cash Flows From Operating Activities | |||
59,329 | Net Profit/(Loss) Before Taxation | 11,798 | (74,888) |
Adjustment for: | |||
30,763 | Depreciation on property, plant & equipment | 25,460 | 22,870 |
60 | Amortization on Intangible Assets | - | - |
54,867 | Finance Expenses | 45,639 | 39,073 |
(447) | Interest Income Received | - | - |
Loss on disposal of Property, Plant and Equipment | - | - | |
(85) | Reversal of Impairment Loss on Trade Receivables | - | - |
Write back of other payables | - | - | |
Provision for Impairment of VAT Receivable | - | - | |
(42,639) | Exchange (Gain)/Loss From Conversion of Foreign Currency Loan | (7,641) | (5,270) |
3,043 | Provision for Gratuity | 1,768 | 1,844 |
45,563 | 65,227 | 58,518 | |
104,891 | Operating Profit Before Working Capital Changes | 77,025 | (16,370) |
(5,994) | (Increase)/Decrease in Inventories | (24,321) | (11,599) |
(84,606) | (Increase)/Decrease in Debtors & Receivables | 102,262 | (15,507) |
(58,855) | (Increase)/Decrease in Related Party Balances | (25,550) | (90,787) |
16,749 | Increase /(Decrease) in Creditors & Other Payables | (3,935) | 19,314 |
(27,815) | Net Cash Flow Generated from /(Used in ) Operations | 125,481 | (114,948) |
(54,867) | Interest Paid | (4,292) | (1,151) |
(3,812) | Gratuity Paid | (466) | (133) |
(86,494) | Net Cash Flows Generated from Operating Activities | 120,723 | (116,233) |
Cash Flow from Investing Activities | |||
(82,951) | Acquisition of Property Plant & Equipment | (61,544) | (51,116) |
447 | Interest Income Received | 359 | - |
(82,505) | Net Cash Flow Used in Investing Activities | (61,185) | (51,116) |
Cash Flow from Financing Activities | |||
(65,226) | Repayment of Loans and Borrowings | (87,871) | (89,463) |
247,847 | Right Issue Subscription | - | 247,847 |
(25,364) | Interest Adjustments | - | - |
157,257 | Net Cash Flow Used in Financing Activities | (87,871) | 158,383 |
(11,742) | Net Change in Cash & Cash Equivalents during the period | (28,333) | (8,965) |
31,836 | Cash & Cash Equivalents at the beginning of the period | 20,093 | 31,836 |
20,093 | Cash & Cash Equivalents at the end of the period | (8,239) | 22,871 |
Analysis of Cash & Cash Equivalents at the end of the period | |||
33,290 | Cash at Bank & in Hand | 68,590 | 52,074 |
(13,197) | Bank Overdraft | (76,830) | (29,203) |
20,093 | (8,239) | 22,871 | |
MARAWILA RESORTS PLC
CLUB PALM BAY
NOTES TO THE ACCOUNTS
-
Account Status
The Financial Statements of the Company for the interim period have been prepared on the same accounting policies and methods of computations as in the most recent Audited Financial Statements and are in compliance with LKAS 34 - Interim Financial Reporting.
The Interim Financial Statements are provisional and subject to audit. - The accounting policies have been consistently applied by the Company and are consistent with those used in the previous year.
The presentation and classification of the financial statements of the previous year have been amended where relevant to be comparable with those of the current period. The Interim Financial Statements are provisional and subject to audit.
- The Company has voluntarily changed the accounting policy on freehold land from cost model to revaluation model as at 31st March 2019, by carrying out a revaluation by an independent valuer. This is done to provide reliable and more relevant information. Changing accounting policy from cost model to revalue model has been dealt in accordance with LKAS 16 Property, Plant & Equipment rather than in accordance with LKAS 08 Accounting policies, changes in Accounting Estimates and Errors.
- Sri Lanka Accounting Standard - SLFRS 9 on "Financial Instruments", which replaces the existing guidance on LKAS 39 on "Financial Instruments: Recognition and Measurement" has become effective for annual reporting periods beginning on or after January 01, 2018. The new standard SLFRS 9 bringing together all three aspects of the accounting for financial instruments; classification and measurement; impairment; and hedge accounting. The Company has adopted using the retrospective approach from 1st January 2018.
- SLFRS 15 supersedes LKAS 11 Construction Contracts, LKAS 18 Revenue and related Interpretations and it applies to all revenue arising from contracts with customers, unless those contracts are in the scope of other standards. The new standard establishes a five-step model to account for revenue arising from contracts with customers. The Company has adopted using the retrospective approach from 1st January 2018.
3 Market Price for the quarter ended | ||
31.12.2024 | 31.12.2023 | |
Rs. | Rs. | |
Highest Price | 7.60 | 3.10 |
Lowest Price | 4.20 | 2.40 |
Last Traded Price | 7.00 | 2.60 |
- Changes in Classification
To facilitate comparison and where relevant balances pertaining to the previous comparative period have been reclassified. - Stated Capital
The Stated Capital of the Company is Rs. 550,000,000/- represented by 351,923,389 Ordinary shares. - Public Holding
The Percentage of Shares held by the Public as at 31.12.2024 was 43.45%. - Public Shareholders
The number of Public Shareholders as at 31.12.2024 were 4,189. - The applicable option under Colombo Stock Exchange Rule 7.13.1 (i)(b) on minimum public holding is option 2 and the Float Adjusted Market Capitalization as at 31.12.2024 was Rs. 1,055,083,916.39
-
Shareholdings of Directors
Directors direct shareholdings as at 31st Dec 2024
Name of Director | No. of Shares |
Mr. Amrit Rajaratnam | 172,016 |
Mr. Anushman Rajaratnam | 4,302,760 |
Mr. A.R. Rasiah (Resigned with effect from 31.12.2024) | 500,000 |
- Contingent Liabilities
There has not been a significant change in the nature of the Contingent Liabilities which were disclosed in the Financial Statement for the year ended 31st March 2024 - Management Fees
There were no liabilities for management fees or any other similar expenditure not provided for in the Interim Financial Statements. - Profit/(Loss)before Taxtion
The Company reported a profit of 16.6Mn Last year for the same quarter with an exchange loss of 2.9Mn while this year's profit before tax of 51.3Mn was reported with an exchange gain of 6.3Mn. Further, the profit before Exchange gain improved by 129%.
MARAWILA RESORTS PLC
CLUB PALM BAY
TWENTY MAJOR SHAREHOLDERS AS AT 31ST DEC 2024
MAJOR SHAREHOLDERS | No of Shares | % | |
1 | COLOMBO FORT HOTELS LIMITED | 139,062,165 | 39.51% |
2 | SIGIRIYA VILLAGE HOTELS PLC | 17,000,000 | 4.83% |
3 | UNION BANK OF COLOMBO PLC/LANKEM CEYLON PLC | 11,023,676 | 3.13% |
4 | CITIZENS DEVELOPMENT BUSINESS FINANCE PLC/S.VASUDEVAN | 10,078,639 | 2.86% |
5 | ACUITY PARTNERS (PVT) LIMITED/UNION INVESTMENTS (PVT) LIMITED | 10,000,000 | 2.84% |
6 | MR. KISHORE SHASHI NIKHIL HIRDARAMANI | 6,526,244 | 1.85% |
7 | PAN ASIA BANKING CORPORATION PLC/LANKEM CEYLON PLC | 5,455,153 | 1.55% |
8 | MR. RAVINDRA ERLE RAMBUKWELLE | 4,645,000 | 1.32% |
9 | SEYLAN BANK PLC/R.A.RISHARD | 4,529,418 | 1.29% |
10 | MR. ANUSHMAN RAJARATNAM | 4,402,760 | 1.25% |
11 | PEOPLE S LEASING AND FINANCE PLC/SUHADA GAS DISTRIBUTORS (PVT) LTD | 4,003,552 | 1.14% |
12 | MRS. CRISTHOBUGE BRIDGET ROSE FERNANDO | 3,850,000 | 1.09% |
13 | DEUTSCHE BANK AG-NATIONAL EQUITY FUND | 3,599,624 | 1.02% |
14 | MR. AMARAKOON MUDIYANSELAGE WEERASINGHE | 3,579,800 | 1.02% |
15 | HATTON NATIONAL BANK PLC/ KORALAGODAGE DON SAHAN RACHITRA KULATUNGA & MRS. | 3,500,000 | 0.99% |
OSHADHINI UPULIKA KUMARI JAYASUNDARA | |||
16 | MR. AMIRALLY LUKMANJEE | 3,432,500 | 0.98% |
17 | SEYLAN BANK PLC/MOHAMED MUSHTAQ FUAD | 3,300,300 | 0.94% |
18 | PEOPLE S LEASING AND FINANCE PLC/L.P.HAPANGAMA | 3,194,343 | 0.91% |
19 | HATTON NATIONAL BANK PLC/MUSHTAQ MOHAMED FUAD | 3,047,997 | 0.87% |
20 | HATTON NATIONAL BANK PLC/ANUSHMAN RAJARATNAM | 2,844,564 | 0.81% |
Total | 247,075,735 | 70.21% | |