PEGASUS HOTELS OF CEYLON PLC |
A Carson Cumberbatch Company |
Condensed Interim Financial Statements
For the three months ended 30th June 2025
Pegasus Hotels of Ceylon PLC |
Statement of Profit or Loss and Other Comprehensive Income |
(All figures are in Sri Lankan Rupees Thousands) |
Three months ended 30th June 2025 | 2024 | Change % |
Revenue | 175,229 | 212,938 | (18) |
Direct costs | (136,316) | (152,882) | (11) |
Gross profit | 38,913 | 60,056 | (35) |
Other income | 1,360 | 994 | 37 |
Selling and promotional expenses | (10,652) | (11,888) | (10) |
Administrative expenses | (67,020) | (59,352) | 13 |
Profit/ (loss) from operations | (37,399) | (10,190) | 267 |
Finance income | 8,851 | 4,538 | 95 |
Finance costs | (4,378) | (5,324) | (18) |
Net finance income/ (cost) | 4,473 | (786) | (669) |
Profit/ (loss) before taxation (32,926) (10,976) 200 |
Income tax expenses - - - |
Deferred taxation 8,164 3,446 137 |
Profit/ (loss) for the period (24,762) (7,530) 229 |
Other Comprehensive Income | - | - | - |
Total Comprehensive Income/ (expense) for the period | (24,762) | (7,530) | 229 |
Earnings / (loss) per share (Rs.) (0.59) (0.18) |
Dividend per share (Rs.) - - |
Change % represents the percentage change in the current period's results compared to the corresponding period of the previous year.
Figures in brackets indicate deductions.
As at | 30.06.2025 | 31.03.2025 (Audited) |
ASSETS | ||
Non-current assets | ||
Property, plant and equipment | 2,666,736 | 2,636,579 |
Compensation receivable | 24,759 | 24,759 |
Total non-current assets | 2,691,495 | 2,661,338 |
Current assets | ||
Inventories | 37,222 | 38,386 |
Investment in fixed deposits | 102,825 | 125,033 |
Trade and other receivables | 96,740 | 125,850 |
Tax receivable | 1,796 | 1,787 |
Cash and cash equivalents | 263,457 | 248,955 |
Total current assets | 502,040 | 540,011 |
Total assets | 3,193,535 | 3,201,349 |
EQUITY AND LIABILITIES | ||
Equity | ||
Stated capital | 751,549 | 751,549 |
Capital reserves | 1,598,932 | 1,598,932 |
Revenue reserves | (202,429) | (177,667) |
Total equity | 2,148,052 | 2,172,814 |
Non-current liabilities | ||
Deferred tax liability | 608,266 | 616,430 |
Employee benefits | 28,264 | 27,982 |
Loans and borrowings | 63,148 | 68,948 |
Total non-current liabilities | 699,678 | 713,360 |
Current liabilities | ||
Trade and other payables | 196,905 | 202,925 |
Loans and borrowings | 148,900 | 112,250 |
Total current liabilities | 345,805 | 315,175 |
Total liabilities | 1,045,483 | 1,028,535 |
Total equity and liabilities | 3,193,535 | 3,201,349 |
Net assets per share (Rs.) | 50.89 | 51.48 |
The Statement of Financial Position as at 30th June 2025 and the related Statements of Profit or Loss and Other Comprehensive Income, Changes in Equity and Cash Flows for the period then ended as presented in pages 1 to 4 have been drawn up from unaudited accounts. I certify that these financial statements have been prepared in compliance with the requirements of Companies Act, No. 7 of 2007. (Sgd). P.C. Pahalagamage Group Financial Controller 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, | |
Pegasus Hotels of Ceylon PLC |
Statement of Financial Position |
(All figures are in Sri Lankan Rupees Thousands) |
V.R. Wijesinghe | M. Dayananda Chairman |
Director | |
Carsons Management Services (Private) Limited | |
13th August 2025 | |
Colombo | |
(Sgd). (Sgd). (Sgd).
K. Selvanathan |
Director |
Pegasus Hotels of Ceylon PLC |
Statement of Changes in Equity |
(All figures are in Sri Lankan Rupees Thousands) |
Balance as at 01st April 2025 | 751,549 | 1,598,932 | (177,667) | 2,172,814 |
Loss for the period | - | - | (24,762) | (24,762) |
Other Comprehensive Income for the period | - | - | - | - |
Total Comprehensive Income / (Expense) for the period | - | - | (24,762) | (24,762) |
Balance as at 30th June 2025 | 751,549 | 1,598,932 | (202,429) | 2,148,052 |
Balance as at 01st April 2024 | 751,549 | 1,598,932 | (121,896) | 2,228,585 |
Loss for the period | - | - | (7,530) | (7,530) |
Other Comprehensive Income for the period | - | - | - | - |
Total Comprehensive Income / (Expense) for the period | - | - | (7,530) | (7,530) |
Balance as at 30th June 2024 | 751,549 | 1,598,932 | (129,426) | 2,221,055 |
Stated capital | Capital reserves | Revenue reserves | Total equity |
Figures in brackets indicate deductions.
Pegasus Hotels of Ceylon PLC |
Statement of Cash Flows |
(All figures are in Sri Lankan Rupees Thousands) |
For the three months ended 30th June 2025 | 2024 |
Cash flows from operating activities | ||
Profit/ (loss) before taxation | (32,926) | (10,976) |
Adjustments for: | ||
Interest income | (6,471) | (2,059) |
Unrealised foreign exchange gain | (2,380) | (2,479) |
Interest expenses on loans and borrowings | 4,378 | 5,324 |
Depreciation on property, plant and equipment | 14,089 | 17,557 |
Reversal of provision for impairment of trade receivables | - | (100) |
Provision for employee benefits | 720 | 720 |
Operating profit / (loss) before working capital changes | (22,590) | 7,987 |
(Increase) / decrease in inventories | 1,164 | (863) |
(Increase) / decrease in trade and other receivables | 29,110 | 5,135 |
Increase / (decrease) in trade and other payables | (6,069) | 8,089 |
Increase / (decrease) in amounts due to related companies | - | 5,962 |
Cash generated from / (used in) operations | 1,615 | 26,310 |
Employee benefits paid | (438) | - |
Net cash generated from / (used in) operating activities | 1,177 | 26,310 |
Cash flows from investing activities |
Purchase of property, plant and equipment (44,246) (8,131) |
Investment in fixed deposits - (12,599) |
Withdrawal of fixed deposits 26,963 - |
Interest received 1,707 1,490 |
Net cash generated from / (used in) investing activities (15,576) (19,240) |
Cash flows from financing activities | ||
Loans and borrowings obtained during the period | 84,000 | - |
Loans and borrowings repaid during the period | (53,150) | (3,040) |
Interest paid on loans and borrowings | (4,329) | (5,411) |
Net cash generated from / (used in) financing activities | 26,521 | (8,451) |
Net increase / (decrease) in cash and cash equivalents | 12,122 | (1,381) |
Effect of exchange rate changes on cash and cash equivalents | 2,380 | 2,479 |
Cash and cash equivalents at the beginning of the period | 248,955 | 59,404 |
Cash and cash equivalents at the end of the period | 263,457 | 60,502 |
Statement of cash and cash equivalents | ||
Placements with banking and financial institutions | 227,789 | 24,432 |
Cash at bank and in hand | 35,668 | 36,070 |
Cash and cash equivalents for the purpose of statement of cash flows | 263,457 | 60,502 |
Figures in brackets indicate deductions.
Pegasus Hotels of Ceylon PLC |
Notes to the Interim Financial Statements |
(All figures are in Sri Lankan Rupees Thousands unless otherwise stated) |
1. | BASIS OF PREPARATION OF INTERIM FINANCIAL STATEMENTS |
The Interim Financial Statements of Pegasus Hotels of Ceylon PLC (the "Company") have been prepared using the same accounting policies and methods as the audited financial statements for the year ended 31st March 2025, and are in compliance with Sri Lanka Accounting Standard LKAS 34 - "Interim Financial Reporting". The provisions of the Companies Act, No. 7 of 2007 have been considered in preparing these Interim Financial Statements. |
2. | EVENTS AFTER THE REPORTING PERIOD |
Subsequent to the reporting period, no circumstances have arisen which would require adjustments to or disclosure in the financial statements. |
3. | COMMITMENTS AND CONTINGENCIES |
3.1 | Capital commitments |
The Company does not have significant capital commitments as at the reporting date, other than capital commitments amounted to Rs. 27,086,000/- (31st March 2025: Nil). |
3.2 | Financial commitments |
The Company does not have significant financial commitments as at the reporting date (31st March 2025: Nil). |
3.3 | Contingent liabilities |
The Company does not have material contingent liabilities as at the reporting date other than disclosed below. | |
* An individual has appealed to the Supreme Court of Sri Lanka after having received a judgement against him in the Civil Appellate Court. This individual is claiming declaratory title as co-owner to 127.5 perches of land which falls within the 1,251 perches of land acquired by the Government for a fisheries harbour project. Since the crystallisation of the contingent liability is subject to this appeal, subsequent value determination of the claim by the Government valuer and a further appeal to the Land Acquisition Board of Review, the said contingent liability cannot be quantified. |
4. | LIABILITIES FOR EXPENDITURE |
Management fees and other significant expenses for the period have been fully accounted for in the interim financial statements. |
5. | COMPARATIVE FIGURES |
Previous period's figures and phrases have been re-arranged where necessary to conform to the current period's presentation. |
6. | GOING CONCERN |
Based on currently available information, the directors are satisfied that the Company will continue its operations in the foreseeable future. |
7. | STATED CAPITAL |
The stated capital of the Company as at the reporting date was Rs. 751,548,321/50 consists of 42,210,470 fully paid Ordinary Shares. |
Pegasus Hotels of Ceylon PLC |
Notes to the Interim Financial Statements |
(All figures are in Sri Lankan Rupees Thousands unless otherwise stated) |
8. | RELATED PARTY TRANSACTIONS |
For the three months ended 30th June | 2025 | 2024 |
Fellow subsidiary- Carsons Management Services (Private) Limited | ||
Support service fees charged | 1,800 | 1,451 |
Fellow subsidiary- Lion Brewery (Ceylon) PLC | ||
Providing hotel services | 1,768 | 2,331 |
Beer purchases | 1,270 | 1,211 |
Fellow subsidiary- Luxury Brands (Private) Limited | ||
Spirits purchases | 741 | - |
* As at the reporting date, the Company has obtained Letters of Comfort amounted to Rs.176,500,000/- (31st March 2025: 176,500,000/-) from its parent company, Carson Cumberbatch PLC for the bank facilities obtained. | ||
9. | TWENTY MAJOR SHAREHOLDERS AS AT 30TH JUNE 2025 | Number of | |
Name of Shareholder | Shares | % | |
1 | Carson Cumberbatch PLC A/C No.2 | 37,982,617 | 89.98 |
2 | Mr. C. Sathkumara | 413,017 | 0.98 |
Merchant Bank of Sri Lanka Ltd/ C. Sathkumara | 354,080 | 0.84 | |
3 | Estate of Late Mr. K.C. Vignarajah 262,055 0.62 | ||
4 | Mrs. V.R. Jayasinghe | 172,329 | 0.41 |
5 | Mrs. B. A. Devika Kumari | 88,131 | 0.21 |
6 | Mr. M.F.J. Macan Marker | 81,000 | 0.19 |
7 | Mr. A.R.H. Sarathchandra | 71,411 | 0.17 |
8 | Mr. K.C. Jayawardene | 70,000 | 0.17 |
9 | Mr. A.M. Weerasinghe | 63,888 | 0.15 |
10 | Mrs. I. Gwyn | 55,000 | 0.13 |
11 | Mr. N. W. N. Jayasiri | 53,800 | 0.13 |
12 | Miss. L.A. Jayasinghe | 50,000 | 0.12 |
13 | Mr. K. M. V. J. Senarathne | 49,997 | 0.12 |
14 | Mr. K.K.D. Senanayake | 43,750 | 0.10 |
15 | Mr. H.A.S Madanayake | 40,000 | 0.09 |
16 | Peoples Leasing and Finance PLC/ U. P. W. Premawardhana | 39,700 | 0.09 |
17 | Mr. A. Sithampalam | 30,000 | 0.07 |
18 | Mr. A. M Zainulabdeen | 28,102 | 0.07 |
19 | Peoples Leasing and Finance PLC/ L. H. L. M. P. Haradasa | 27,451 | 0.07 |
20 | Peoples Leasing and Finance PLC/ MR. M. M. R. Dissanayake | 25,999 | 0.06 |
10. | PUBLIC HOLDING | |
The Company is in compliance with the Minimum Public Holding requirements for Companies listed on the Diri Savi Board as per Rule 7.13.1 (i) (b) of the Listing Rules of the Colombo Stock Exchange, under Option 2, i.e. Float-Adjusted Market Capitalization of less than Rs.1 Billion with 200 Public Shareholders and a Public Holding percentage of 10%. | ||
The Company's Public Holding as at 30th June 2025 | ||
Float adjusted Market Capitalization (Rs.) | 145,917,373.74 | |
Number of Public Shareholders | 2,989 | |
Percentage of ordinary shares held by the public | 10.02% | |
Pegasus Hotels of Ceylon PLC |
Notes to the Interim Financial Statements |
(All figures are in Sri Lankan Rupees Thousands unless otherwise stated) |
11. | DIRECTORS SHAREHOLDING AS AT 30TH JUNE 2025 No. of Shares |
Mr. M. Dayananda (Chairman) - | |
Mr. K. Selvanathan - | |
Mr. M. T. L. Elias - | |
Mr. V. R. Wijesinghe - | |
Mr. S. Marimuthu 400 | |
Mr. D.R.P. Goonetilleke - | |
Mr. A.S. Amaratunga - |
MARKET PERFORMANCE- ORDINARY SHARES |
SHARE VALUATION |
As at/ for the three months ended 30th June 2025 Rs. |
Last traded price per share 34.00 |
Highest price per share 37.00 |
Lowest price per share 30.10 |
Market capitalisation 1,456,261,215.00 |
Corporate Information
Pegasus Hotels of Ceylon PLC |
(A Carson Cumberbatch Company) |
COMPANY REGISTRATION NUMBER | PQ 40 |
LEGAL FORM | A Public Quoted Company with limited liability incorporated in Sri Lanka in 1966. |
PARENT AND ULTIMATE CONTROLLING PARTY | Carson Cumberbatch PLC is the Parent Company of Pegasus Hotels of Ceylon PLC and Bukit Darah PLC is the Ultimate Parent and Controlling Entity of Pegasus Hotels of Ceylon PLC. |
DIRECTORS | Mr. M. Dayananda (Chairman) |
Mr. K. Selvanathan | |
Mr. M. T. L. Elias | |
Mr. V. R. Wijesinghe | |
Mr. S. Marimuthu | |
Mr. D.R.P. Goonetilleke | |
Mr. A.S. Amaratunga | |
AUDIT COMMITTEE | Mr. A. S. Amaratunga (Chairman) - Non-Executive/ Independent |
Mr. S. Marimuthu - Non-Executive/ Independent | |
Mr. D. R. P. Goonetilleke - Non-Executive | |
REMUNERATION COMMITTEE | Mr. M. T. L. Elias (Chairman) - Non-Executive/ Independent |
Mr. S. Marimuthu - Non-Executive/ Independent | |
Mr. D. R. P. Goonetilleke - Non-Executive | |
NOMINATIONS AND GOVERNANCE COMMITTEE | Mr. S. Marimuthu (Chairman) - Non-Executive/ Independent |
Mr. M.T.L. Elias - Non-Executive/ Independent | |
Mr. M. Dayananda - Non-Executive | |
RELATED PARTY TRANSACTIONS REVIEW COMMITTEE | Mr. A. S. Amaratunga (Chairman) - Non-Executive/ Independent |
Mr. S. Marimuthu - Non-Executive/ Independent | |
Mr. D. R. P. Goonetilleke - Non-Executive | |
BANKERS | Commercial Bank of Ceylon PLC |
Standard Chartered Bank | |
Sampath Bank PLC | |
Hatton National Bank PLC | |
People's Bank | |
DFCC Bank PLC | |
National Development Bank PLC | |
SBI Sri Lanka | |
AUDITORS | Messrs. KPMG |
Chartered Accountants | |
No. 32A, Sir Mohamed Macan Marker Mawatha, | |
Colombo 03, | |
Sri Lanka. | |
MANAGERS & SECRETARIES | Carsons Management Services (Private) Limited |
No. 61, Janadhipathi Mawatha, | |
Colombo 01, | |
Sri Lanka. | |
Tel: +94 11 2039 200 | |
Fax: +94 11 2039 300 | |
REGISTERED OFFICE | No. 61, Janadhipathi Mawatha, |
Colombo 01, | |
Sri Lanka. | |
Tel : +94 11 2039 200 | |
Fax: +94 11 2039 300 | |
PLACE OF BUSINESS | Santha Maria Mawatha, |
Wattala, | |
Sri Lanka. | |
Tel : +94 11 2049 600 | |
HOTEL WEBSITE | https://www.pegasusreefhotel.com |
CORPORATE WEBSITE | https://www.carsoncumberbatch.com |