Pegasus Hotels of Ceylon PLC
A Carson Cumberbatch Company
Interim report for the three months ended 30th June 2022
PEGASUS HOTELS OF CEYLON PLC
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME - GROUP (All figures are in Sri Lankan Rupees Thousands)
Three months ended
30th June
2022 | 2021 | % | |
Revenue | 169,184 | 55,977 | 202 |
Direct costs | (131,887) | (69,759) | 89 |
Gross profit / (loss) | 37,297 | (13,782) | (371) |
Other income | 1,647 | 1,020 | 61 |
Administrative expenses | (52,551) | (37,184) | 41 |
Loss from operations | (16,573) | (52,357) | (68) |
Finance income | 6,380 | 1,778 | 259 |
Finance costs | (7,858) | (4,150) | 89 |
Net finance income / (cost) | (1,478) | (2,372) | (38) |
Loss before taxation | (18,051) | (54,729) | (67) |
Income tax expenses | - | (395) | (100) |
Deferred taxation | 1,905 | 8,529 | (78) |
Loss for the period | (16,146) | (46,595) | (65) |
Other comprehensive income | |||
Items that will not be reclassified to profit or loss | |||
Actuarial gain / (loss) from valuation of employee benefits | - | - | - |
Related tax | - | - | - |
- | - | - | |
Total comprehensive income / (expense) for the period | (16,146) | (46,595) | (65) |
Earnings / (loss) per share (Rs.) | (0.53) | (1.53) |
Change % represents the percentage change in current period's results compared to the comparative period of previous year.
Figures in brackets indicate deductions.
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PEGASUS HOTELS OF CEYLON PLC
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME - COMPANY (All figures are in Sri Lankan Rupees Thousands)
Three months ended | |||
30th June | Change | ||
2022 | 2021 | ||
% | |||
Revenue | 148,561 | 46,958 | 216 |
Direct costs | (113,209) | (58,030) | 95 |
Gross profit / (loss) | 35,352 | (11,072) | (419) |
945 | 350 | 170 | |
Selling and promotional expenses | (2,508) | (2,022) | 24 |
Administrative expenses | (44,138) | (31,329) | 41 |
Loss from operations | (10,349) | (44,073) | (77) |
6,353 | 1,647 | 286 | |
Finance costs | (2,714) | (1,581) | 72 |
Net finance income / (cost) | 3,639 | 66 | 5,414 |
Loss before taxation | (6,710) | (44,007) | (85) |
Income tax expenses | - | (395) | (100) |
Deferred taxation | 459 | 7,028 | (93) |
Loss for the period | (6,251) | (37,374) | (83) |
Other comprehensive income | |||
Items that will not be reclassified to profit or loss | |||
Actuarial gain / (loss) from valuation of employee benefits | - | - | - |
Related tax | - | - | - |
Other comprehensive income / (expense) for the period | - | - | - |
Total comprehensive income / (expense) for the period | (6,251) | (37,374) | (83) |
Earnings / (loss) per share (Rs.) | (0.21) | (1.23) | |
Dividend per share (Rs.) | - | - |
Change % represents the percentage change in current period's results compared to the comparative period of previous year.
Figures in brackets indicate deductions.
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PEGASUS HOTELS OF CEYLON PLC
STATEMENT OF FINANCIAL POSITION
(All figures are in Sri Lankan Rupees Thousands)
Group | Company | |||
As at | 30.06.2022 | 31.03.2022 | 30.06.2022 | 31.03.2022 |
(Adjusted) | (Adjusted) | |||
ASSETS | ||||
Non-current assets | ||||
Property, plant and equipment | 2,679,698 | 2,699,883 | 2,346,071 | 2,363,151 |
Right-of-use assets | 5,573 | 5,624 | - | - |
Intangible assets | 924 | 1,008 | - | - |
Investment in subsidiary | - | - | 60,451 | 60,451 |
Compensation receivable | 24,759 | 24,759 | 24,759 | 24,759 |
Current assets | ||||
Inventories | 36,695 | 22,778 | 31,558 | 18,361 |
Investment in fixed deposits | 21,063 | 36,276 | 21,063 | 36,276 |
Trade and other receivables | 51,810 | 57,500 | 41,568 | 46,751 |
Tax receivable | 1,668 | 1,668 | 1,134 | 1,134 |
Cash and cash equivalents | 101,887 | 79,920 | 100,402 | 77,915 |
Total current assets | 214,335 | 211,140 | 196,897 | 193,396 |
Total assets | 2,925,289 | 2,942,414 | 2,628,178 | 2,641,757 |
EQUITY AND LIABILITIES | ||||
Equity | ||||
Stated capital | 515,170 | 515,170 | 515,170 | 515,170 |
Capital reserves | 1,790,805 | 1,790,805 | 1,594,889 | 1,594,889 |
Revenue reserves | (128,717) | (112,571) | (4,243) | 2,008 |
Total equity | 2,177,258 | 2,193,404 | 2,105,816 | 2,112,067 |
Non-current liabilities | ||||
Deferred tax liability | 265,341 | 267,246 | 250,702 | 251,161 |
Loans and borrowings | 206,931 | 176,982 | 84,819 | 73,177 |
Lease liability | 9,565 | 9,505 | - | - |
Current liabilities | ||||
Trade and other payables | 145,917 | 146,824 | 101,197 | 105,014 |
Current tax liabilities | 1,359 | 2,717 | 1,359 | 2,717 |
Lease liability | 585 | 573 | - | - |
Total current liabilities | 251,153 | 279,548 | 175,412 | 193,187 |
Total equity and liabilities | 2,925,289 | 2,942,414 | 2,628,178 | 2,641,757 |
Net assets per share (Rs.) | 71.64 | 72.17 | 69.29 | 69.50 |
The Statement of Financial Position as at 30th June 2022 and the related Statements of Profit or Loss and Other Comprehensive Income, Changes in Equity and Cash Flows for the period then ended as disclosed in pages 1 to 5 have been drawn up from unaudited financial statements.
I certify that these financial statements are in compliance with the requirements of Companies Act, No. 7 of 2007. (Sgd).
V.R. Wijesinghe
Director - Finance
Carsons Management Services (Private) Limited
The Board of Directors is responsible for the preparation and presentation of these financial statements.
Approved and signed on behalf of the Managers, | Approved and signed on behalf of the Board, | |
(Sgd). | (Sgd). | (Sgd). |
A.P. Weeratunge | D.C.R. Gunawardena | K. Selvanathan |
Director | Chairman | Director |
Carsons Management Services (Private) Limited |
10th August 2022
Colombo
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PEGASUS HOTELS OF CEYLON PLC STATEMENT OF CHANGES IN EQUITY
(All figures are in Sri Lankan Rupees Thousands)
Group | Capital | Revenue | ||
Stated capital | reserves | reserves | Total equity | |
Balance as at 1st April 2022 (Adjusted) | 515,170 | 1,790,805 | (112,571) | 2,193,404 |
Loss for the period | - | - | (16,146) | (16,146) |
Other comprehensive income / (expense) for the period | - | - | - | - |
Total comprehensive income / (expense) for the period | - | - | (16,146) | (16,146) |
Balance as at 30th June 2022 | 515,170 | 1,790,805 | (128,717) | 2,177,258 |
Balance as at 1st April 2021 | 515,170 | 1,390,298 | 76,290 | 1,981,758 |
Surcharge tax for the year of assessment 2020/21* | - | - | (2,717) | (2,717) |
Balance as at 01st April 2021 (Adjusted) | 515,170 | 1,390,298 | 73,573 | 1,979,041 |
Loss for the period | - | - | (46,595) | (46,595) |
Other comprehensive income / (expense) for the period | - | - | - | - |
Total comprehensive income / (expense) for the period | - | - | (46,595) | (46,595) |
Balance as at 30th June 2021 (Adjusted) | 515,170 | 1,390,298 | 26,978 | 1,932,446 |
Company | Capital | Revenue | ||
Stated capital | reserves | reserves | Total equity | |
Balance as at 1st April 2022 (Adjusted) | 515,170 | 1,594,889 | 2,008 | 2,112,067 |
Loss for the period | - | - | (6,251) | (6,251) |
Other comprehensive income / (expense) for the period | - | - | - | - |
Total comprehensive income / (expense) for the period | - | - | (6,251) | (6,251) |
Balance as at 30th June 2022 | 515,170 | 1,594,889 | (4,243) | 2,105,816 |
Balance as at 1st April 2021 | 515,170 | 1,219,111 | 99,155 | 1,833,436 |
Surcharge tax for the year of assessment 2020/21* | - | - | (2,717) | (2,717) |
Balance as at 01st April 2021 (Adjusted) | 515,170 | 1,219,111 | 96,438 | 1,830,719 |
Loss for the period | - | - | (37,374) | (37,374) |
Other comprehensive income / (expense) for the period | - | - | - | - |
Total comprehensive income / (expense) for the period | - | - | (37,374) | (37,374) |
Balance as at 30th June 2021 (Adjusted) | 515,170 | 1,219,111 | 59,064 | 1,793,345 |
Figures in brackets indicate deductions.
- As per the provisions of Surcharge Tax Act No. 14 of 2022, although Pegasus Hotels of Ceylon PLC, the Company, and it's subsidiary did not become liable to pay surcharge tax as stand-alone entities, the Company and the Group are liable for surcharge tax on the basis that the companies are part of the Carson Cumberbatch PLC group, of which the aggregate taxable income exceeded the threshold as stipulated in the aforesaid Act.
Accordingly, the Company/ Group was liable for a surcharge tax of Rs. 2,716,611/- out of the taxable income of
Rs. 10,866,445/- pertaining to the year of assessment 2020/21. The Company/ Group paid the surcharge tax liability in two equal installments on 18th April 2022 and 10th July 2022.
According to the Act, the surcharge tax shall be deemed to be an expenditure in the financial statements relating to the year of assessment commenced on 1st April 2020. The expense of surcharge tax is accounted in accordance with 'Statement of Alternative Treatment on Accounting for Surcharge Tax levied under the Surcharge Tax Act No. 14 of 2022' issued by the Institute of Chartered Accountants of Sri Lanka on 22nd April 2022.
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Pegasus Hotels of Ceylon plc published this content on 15 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 August 2022 10:42:15 UTC.