Travel / Meetings / Incentives / Conferencing / Events
City Lodge interim results consistent
15 Feb 2018 - by Staff reporter
During the six months to December 31 2017, City Lodge Group's revenue decreased slightly by 0.5% from R791,3 million to R787,1 million for the 2017 financial year.
This was attributed to a slightly below inflationary increase in room rates together with a small first time contribution from the new 147-room Town Lodge Windhoek. Total operating costs remained constant.
Normalised profit before tax for the group decreased by 12.1% from R275,2 million to R241.8 million while normalised headline earnings decreased by 11.6% from R197,1 million to R174.3 million, impacted by the rand’s sharp strengthening in December.
Average group occupanies fell to 63% from 66% in the previous interim period, but were in line with occupanies for the 2017 financial year.
The Group reports progress with its targeted African expansion programme with new hotels in Kenya, Tanzania and Mozambique expected to be operational by the end of July.