Thursday, 22 September 2016

Serena Hotels Declare Losses In First Half Of 2016

Hospitality firm TPS East Africa narrowed her losses by 41 per cent in the six months through June 2016 compared to the same period last year, but sales remained subdued.

The company which owns and operates hotel and lodge facilities in Eastern Africa saw its net loss drop from Sh97m in the first six months of 2015 to Sh57 million in the same period this year.

Sales dropped slightly to Sh2.65 billion from Sh2.67 billion the previous period on what the company attributed to slow recovery after travel advisories were lifted in 2015 adding that the second half of the year looks encouraging.

“Given the seasonal nature of tourism in East Africa, the results for the first half cannot be used as basis for forecasting full-year earnings,” TPS said in a statement to the bourse.

Interest costs dropped sharply from Sh108 million to Sh54.7 million in the period under review.