City Lodge shows mixed interim results
- The Editor | www.etnw.co.za
- Feb 17, 2017
- 1 min read
City Lodge Hotel Group reported an average occupancy rate in South Africa of 66% for the six months to December 31,2016. This is down from 69% in the previous corresponding period.
In Botswana, occupancies were on a par with the previous year and in Kenya, operations achieved slightly higher occupancies.
The group’s total revenue rose by 5% to R791,3m, and operating costs increased by 7%. The normalised profit before tax increased by 3,7% to R275,2m while normalised headline earnings grew by 1,5% to R197,1m as a result of a slightly higher effective tax rate.
Ceo, Clifford Ross, said trading in the first six weeks of 2017 had been “mixed”, making it difficult to ascertain an outlook for the second half of the financial year.
As part of the hotel group’s targeted expansion programme in East and Southern Africa, development of a 148-room City Lodge Hotel in Maputo has started and it is expected to open in the second quarter of 2018.
In Two Rivers in Nairobi, the 172-room City Lodge Hotel is expected to be completed in the third quarter of this year, the 147-room City Lodge Hotel Dar es Salaam is scheduled to open its first rooms towards the end of this year, and the 147-room Town Lodge Windhoek is on track to open in the third quarter of 2017.
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