City Lodge's earnings up 14% to 330.5c
City Lodge Hotels has reported a 14% rise to 330.5c in normalised diluted headline earnings per share for the six months to December.
City Lodge is to pay shareholders an interim dividend of 202c a share. Image: Trip Advisor
Revenue was up 9% to R533.9m on a slight rise in average occupancies from 63% to 64% and higher room rates achieved. Normalised operating profit was up 11% while the interim dividend rose by 15% to 202c.
City Lodge said trading conditions in the review period were mixed‚ affected by muted business and consumer confidence.
"The Road Lodge brand was particularly affected by pressure on consumers and small businesses‚ but continued to achieve the highest overall occupancies of the group's four brands‚" it said in a statement.
Chief executive Clifford Ross said trading was expected to remain mixed in the second half of the financial year with business confidence likely to be subdued in the lead-up to the general elections in May.
"Beyond that‚ we believe that occupancies will continue to improve because of a lack of new accommodation capacity and improved demand‚" Ross said.
City Lodge Hotel operates 55 hotels offering 6‚755 rooms in South Africa‚ Kenya and Botswana.
Source: I-Net Bridge
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