Sunbird half year profit hits K394m
Sunbird Tourism Limited has posted a K394 million in the half year period ended June 30 2014 representing an 18 percent increase from the previous year’s K335 million.
According to published financial results, the performance comes on the backdrop of the general reduced business in the hotel industry resulting from the general elections in the first half of the year.
“Most organisations suspended business travel especially in the corporate and conference business travel business segments, as a result, the group achieved K4.5 billion in revenues being just 20 percent above the same period last year,” reads the statement signed by board chairperson Leonard Chikadya.
The company’s operating costs which include the administration, among others, increased by 31 percent as a result of loan repayments and reduced interest rates.
And the firm says its financing costs decreased from K513 million in the previous year during the same period to K464 million resulting from loan repayments and reduced interest rates.
Sunbird board have since resolved to pay an interim dividend of K30 million representing K0. 11 per share from last year’s K27 million which represented K0. 10 per share.
