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City Lodge sees increase in revenue and occupancies

City Lodge sees increase in revenue and occupancies
February 22, 2016 Thabo

Interim results released by JSE-listed City Lodge Hotels Limited reveal that the group has increased its revenue by 17,3% to R753,4 million (€44 million) and increased normalised headline earnings by 17,5% to R194,1 million (€11 million) in the six months to December 31, 2015.

The results show that the average occupancies at the group’s South African properties rose by one percentage point to 69%, boosting local revenue by 17,3% to R684,3 million (€40 million). Botswana occupancies were marginally higher than in the previous interim reporting period, while Kenyan occupancies showed an increase after two years of declines.

All brands within the group increased their average occupancies during the six-month period with the Courtyard Hotel and Road Lodge brands achieving the highest relative increases.

The group said that its normalised South African operating costs had increased by 4,5% on a room sold basis and that fully diluted headline earnings per share had increased by 17,6% to 447 cents. An interim dividend of 269 cents was declared, 17% higher than the previous year. – See more at: http://www.tourismupdate.co.za/Home