Sunbird profit up 48 percent
Sunbird Tourism Limited has posted a 48 percent growth in profit before tax of K850 million for the half-year ended June 30 2016 from K576 million during the same period last year.
In a statement accompanying audited financial results, the listed hotel chain said high inflationary environment has resulted in increased costs, but were contained within expectations.
“Total revenues grew by 31 percent from K5.5 billion in June 2015 to K7.2 billion in June 2016. This performance is attributed to the continued growth registered in our corporate and conference business.
Domestic revenues continued to be a significant contributor to the group’s revenues,” reads the statement in part.
However, Sunbird says its efforts to reduce cost of borrowing continued to have a positive impact on its profitability.
The board has resolved to pay an interim dividend of K50 million or 19 tambala per share up from last year’s K35 million or 13 tambala per share.
In an interview, Sunbird chairperson Phillip Madinga said there are a number of projects they want to venture into, including the complete refurbishment of Lilongwe Hotel and adding 30 more rooms at Sunbird Livingstonia Beach.
“We will continue to focus on providing our customers with the best service to make sure that we are the market leader,” he said.n
