Beruwala Resorts PLC
The Palms
INTERIM RESULTS
For the Six Months Ended
30th September 2024
8 - 1 /3 , York Arcade Building ,
Leyden Bastian Road ,
Colombo 1
BERUWALA RESORTS PLC
THE PALMS - BERUWALA
STATEMENT OF COMPREHENSIVE INCOME
GROUP
GROUP GROUP GROUP
For the year For the Quarter For the Six Months
Ended Ended 30th September Ended 30th September
Audited Unaudited Unaudited Unaudited Unaudited
31.03.2024 2024 2023 Change 2024 2023 Change
Rs.'000 Rs.'000 Rs.'000 % Rs.'000 Rs.'000 %
722,507 Revenue 145,587 115,349 26 312,210 206,870 51
(242,185) Cost of Sales (55,108) (48,724) 13 (112,742) (88,371) 28
480,322 Gross Profit 90,479 66,626 36 199,468 118,499 68
9,264 Other Operating Income / (Expenses) - - - - 1,765 -
(332,656) Administrative & Operating Expenses (87,396) (75,294) 16 (172,826) (153,518) 13
(22,865) Promotional & Marketing Expenses (3,799) (4,407) (14) (9,511) (10,083) (6)
134,064 Profit from Operating Activities (715) (13,075) (95) 17,130 (43,336) (140)
(84,169) Finance Expenses (15,254) (18,967) (20) (30,527) (46,683) (35)
49,896 Profit / (Loss) before Exchange Gain / (Loss) (15,969) (32,042) (50) (13,397) (90,020) (85)
27,692 Exchange Gain / (Loss) 8,200 (12,679) (165) 3,437 4,965 (31)
77,588 Profit / (Loss) before Taxation (7,769) (44,722) (83) (9,960) (85,054) (88)
99,638 Taxation - - -
177,226 Net Profit /(Loss) for the period (7,769) (44,722) (83) (9,960) (85,054) (88)
OTHER COMPREHENSIVE INCOME
(8,987) Actuarial Gain / (Loss) on defined benefit plans - - - - - -
2,696 Tax on other comprehensive income -
170,935 Total Comprehensive Income for the period (7,769) (44,722) (83) (9,960) (85,054) (88)
Profit / (Loss) Attributable to;
182,327 Equity holders of the parent (6,750) (43,555) (8,941) (82,534)
(5,101) Non- controlling interests (1,019) (1,304) (1,019) (2,520)
177,226 Net Profit /(Loss) for the period (7,769) (44,859) (9,960) (85,054)
Total Comprehensive Income Attributable to;
176,037 Equity holders of the parent (6,750) (43,555) (8,941) (82,534)
(5,101) Non- controlling interests (1,019) (1,167) (1,019) (2,520)
170,935 Total Comprehensive Income for the period (7,769) (44,722) (9,960) (85,054)
0.30 Earnings / (Loss) per Share (0.011) (0.07) (0.014) (0.14) -
BERUWALA RESORTS PLC
THE PALMS - BERUWALA
STATEMENT OF COMPREHENSIVE INCOME
COMPANY COMPANY COMPANY
For the Year For the Quarter For the Six Months
Ended Ended 30th September Ended 30th September
Audited Unaudited Unaudited Unaudited Unaudited
31.03.2024 2024 2023 Change 2024 2023 Change
Rs.'000 Rs.'000 Rs.'000 % Rs.'000 Rs.'000 %
722,507 Revenue 145,587 115,349 26 312,210 206,870 50.92
(242,185) Cost of Sales (55,108) (48,724) 13 (112,742) (88,371) 28
480,322 Gross Profit 90,479 66,626 36 199,468 118,499 68
70,759 Other Operating Income - - - - 1,765 -
(315,314) Administrative & Operating Expenses (83,176) (71,581) 16 (165,369) (145,492) 14
(22,865) Promotional & Marketing Expenses (3,799) (4,407) (14) (9,511) (10,083) (6)
212,901 Profit from Operating Activities 3,504 (9,363) 137 24,587 (35,311) 170
(84,115) Finance Cost (15,239) (18,954) 20 (30,495) (46,663) (35)
128,786 Profit / (Loss) before Exchange Gain / (Loss) (11,735) (28,317) (59) (5,908) (81,974) (93)
27,692 Exchange Gain / (Loss) 8,200 (12,679) (165) 3,437 4,965 (31)
Reversal of Impairment Receivable from BOT - - - 61,495 (100)
156,478 Profit / (Loss) before Taxation (3,535) (40,996) (2,472) (15,513)
98,530 Taxation - - - - - -
255,009 Net Profit /(Loss) for the period (3,535) (40,996) (91) (2,472) (15,513) (84)
OTHER COMPREHENSIVE INCOME
(8,987) Actuarial Gain / (Loss) on defined benefit plans - - - -
2,696 Deferred Tax on Other Comprehensive Income
248,718 Total Comprehensive Income for the period (3,535) (40,996) (91) (2,472) (15,513) (84)
Profit / (Loss) Attributable to;
255,009 Equity holders of the parent (3,535) (40,996) (2,472) (15,513)
- Non- controlling interests - - - -
255,009 Net Profit /(Loss) for the period (3,535) (40,996) (2,472) (15,513)
Total Comprehensive Income Attributable to;
248,718 Equity holders of the parent (3,535) (40,996) (2,472) (15,513)
- Non- controlling interests - - - -
248,718 Total Comprehensive Income for the period (3,535) (40,996) (2,472) (15,513)
0.41 Earnings / (Loss) per Share (0.0050) (0.07) (0.0035) (0.03)
BERUWALA RESORTS PLC
THE PALMS - BERUWALA
STATEMENT OF FINANCIAL POSITION
GROUP COMPANY Group COMPANY
Audited Unaudited Unaudited Unaudited Unaudited
31.03.2024 31.03.2024 AS AT 30TH SEPTEMBER 2024 2023 2024 2023
Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000
ASSETS
NON CURRENT ASSETS
1,075,592 440,876 Property Plant & Equipment 1,095,746 1,039,863 467,288 399,093
8,462 8,462 Intangible Assets 8,027 1,568 8,027 1,568
1,395 1,395 Right of Use Assets - 17,442 - 17,442
- 378,959 Investment in Subsidiaries - - 378,959 378,959
1,085,449 829,692 1,103,773 1,058,873 854,274 797,062
CURRENT ASSETS
16,975 16,975 Inventories 17,277 11,821 17,277 11,821
101,067 101,067 Trade Debtors & Other Receivables 53,756 34,665 53,756 34,665
38,631 43,938 Amounts Owed by Related Companies 25,119 287 32,387 2,467
2,079 2,079 Income Tax 1,679 1,679 1,679 1,679
10,801 10,633 Cash & Cash Equivalents 17,960 16,246 17,778 16,173
169,552 174,692 115,791 64,699 122,877 66,805
1,255,001 1,004,384 Total Assets 1,219,564 1,123,572 977,151 863,867
EQUITY & LIABILITIES
CAPITAL & RESERVES
460,653 460,653 Stated Capital 120,000 340,000 120,000 340,000
23,794 - Revaluation Reserve 23,794 23,794 - -
(7,738) (6,570) Actuarial Gain/(Loss) on Defined Benefit Obligations (7,738) (1,448) (6,570) (280)
(336,940) (215,895) Retained Earnings (5,228) (601,802) 122,390 (486,417)
139,769 238,188 Equity Attributable to 130,828 (239,456) 235,819 (146,696)
128,200 - Non Controlling Interest 127,180 130,781 -
267,968 238,188 Total Equity 258,008 (108,675) 235,819 (146,696)
NON CURRENT LIABILITIES
336,383 336,383 Interest Bearing Borrowings 308,354 387,915 308,354 387,915
167,775 16,274 Deferred Tax 167,776 270,109 16,274 117,500
19,699 19,699 Lease Liabilities 21,038 32,866 21,038 32,866
14,263 14,263 Retirement Benefit Obligations 15,633 9,223 15,633 9,223
538,120 386,619 512,801 700,113 361,299 547,504
CURRENT LIABILITIES
164,683 163,949 Trade Creditors & Other Payables 153,460 208,994 152,955 208,271
74,941 6,878 Amounts Owed to Related Companies 74,954 170,965 6,892 102,902
3,600 3,600 Lease Liabilities 3,240 3,240 3,240 3,240
98,543 98,543 Interest Bearing Borrowings 108,641 29,288 108,641 29,288
107,145 106,606 Bank Overdrafts 108,460 119,647 108,305 119,359
448,913 379,577 448,755 532,133 380,032 463,059
1,255,001 1,004,384 Total Equity & Liabilities 1,219,564 1,123,572 977,151 863,867
0.19 0.34 Net Assets per Share 0.19 (0.29) 0.34 (0.17)
For and on behalf of the Board , 0 0 0 (0.00)
1 (0) 0
Sgd. Sgd.
Director Director
Amrit Rajaratnam. Anushman Rajaratnam.
Colombo.
11th November 2024
BERUWALA RESORTS PLC
THE PALMS - BERUWALA
STATEMENT OF CHANGE IN EQUITY
GROUP
Stated Revaluation Retained Actuarial Total Equity Non- Total
Capital Reserve Earnings Gain/(Loss) on Attributable to Controlling Equity
Defined Benefit Equity Holders Interest
Obligations of the Parent
Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000
Balance as at 01.04.2023 340,000 23,794 (519,267) (1,448) (156,921) 133,301 (23,620)
Profit/(Loss ) for the Period - - (82,534) (82,534) (2,520) (85,054)
Balance as at 30.09.2023 340,000 23,794 (601,802) (1,448) (239,456) 130,781 (108,675)
Balance as at 01.04.2024 460,653 23,794 (336,940) (7,738) 139,769 128,200 267,968
Profit/(Loss ) for the Period - - (8,941) - (8,941) (1,019) (9,960)
Capital Reduction (340,653) 340,653 - - - -
Balance as at 30.09.2024 120,000 23,794 (5,228) (7,738) 130,828 127,180 258,008
COMPANY
Stated Retained Actuarial Total
Capital Earnings Gain/(Loss) on
Rs.'000 Rs.'000 Defined Benefit Rs.'000
Obligations
Rs.'000 Rs.'000 Rs.'000 Rs.'000
Balance as at 01.04.2023 340,000 (470,903) (280) (131,183)
Profit/(Loss ) for the Period - (15,513) - (15,513)
Balance as at 30.09.2023 340,000 (486,416) (280) (146,696)
Balance as at 01.04.2024 460,653 (215,792) (6,570) 238,291
Profit/(Loss ) for the Period - (2,472) - (2,472)
Capital Reduction (340,653) 340,653 - -
Other Comprehensive Income -
Balance as at 30.09.2024 120,000 122,390 (6,570) 235,819
BERUWALA RESORTS PLC
THE PALMS - BERUWALA
STATEMENT OF CASH FLOWS
GROUP COMPANY GROUP COMPANY
Audited Unaudited Unaudited Unaudited Unaudited
31.03.2024 31.03.2024 FOR THE SIX MONTHS ENDED 30TH SEPTEMBER 2024 2023 2024 2023
Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000 Rs.'000
77,588 156,478 Net Profit / (Loss) before Taxation (9,960) (44,722) (2,472) (15,513)
Adjustment for Non-Cash Items
40,884 28,775 Depreciation 21,388 20,807 15,334 14,752
981 981 Amortization 435 435 435 435
- 61,495 Reversal of Impairment of BOT Receivable - - - -
(2,162) (2,162) Interest Income - (1,765) (1,765)
(30,196) (30,196) Exchange (Gain) / Loss on Loan 3,437 (4,965) 3,437 (4,965)
(255) (255) Provision for Acquisition from Breakages - - -
84,169 84,115 Finance cost 30,527 46,683 30,495 46,663
3,857 3,857 Lease Interest Expenses 2,640 2,231 2,640 2,231
(4,557) (4,557) (Profit)/ Loss on Disposal of Property, Plant & Equipment - - -
2,836 2,836 Provision for Gratuity 1,370 1,370 1,370 1,370
95,557 144,890 59,798 64,796 53,712 58,721
173,145 301,368 Operating Profit before Working Capital Changes 49,838 (20,258) 51,240 43,208
(4,053) (4,053) (Increase)/Decrease in Inventories (302) 1,100 (302) 1,100
(89,626) (89,626) (Increase)/Decrease in Debtors & Receivables 47,311 38,272 47,311 38,272
(62,275) (191,976) Increase/(Decrease) in Related Party Balances 13,525 4,491 11,565 (60,640)
1,725 2,454 Increase/(Decrease) in Creditors & Accruals (11,020) 45,933 (10,891) 46,672
(154,229) (283,201) 49,514 89,795 47,682 25,403
18,915 18,167 Cash Generated from Operations 99,352 69,536 98,923 68,611
(84,115) (84,115) Interest Paid (27,887) (36,528) (27,855) (36,507)
(750) (750) Income Tax 400 (350) 400 (350)
(1,707) (1,707) Gratuity Paid - (853) - (853)
(67,657) (68,406) Net Cash Flows from Operating Activities 71,865 31,806 71,467 30,901
Cash Flows from Investing Activities
(58,209) (58,209) Acquisition of Fixed Assets (40,351) (2,484) (40,351) (2,484)
- - Proceeds from Sales of Fixed Assets - - -
2,162 2,162 Interest Received - - - -
(56,047) (56,047) Net Cash Flows from Investing Activities (40,351) (2,484) (40,351) (2,484)
Cash Flows from Financing Activities
232,184 232,184 Capitalization/Repayment for Interest Bearing Borrowings (24,008) (10,653) (24,008) (10,653)
(197,754) (197,754) Repayment of Loan - - - -
120,653 120,653 Proceed from right issue - - -
(6,199) (6,199) Lease Rentals Paid (1,662) (547) (1,662) (547)
148,883 148,883 Net Cash Flows from Financing Activities (25,670) (11,200) (25,670) (11,200)
25,179 24,431 Net Increase/(Decrease) in Cash & Cash Equivalents during the period 5,844 18,122 5,447 17,217
(121,523) (120,403) Cash & Cash Equivalents at the beginning of the period (96,344) (121,522) (95,973) (120,403)
(96,344) (95,973) Cash & Cash Equivalents at the end of the period (90,500) (103,401) (90,526) (103,186)
Analysis of Cash & Cash Equivalents at the end of the Period:
10,801 10,633 Cash at Bank - Favorable 17,960 16,246 17,778 16,173
(107,145) (106,606) Cash at Bank - Bank Overdraft (108,460) (119,647) (108,305) (119,359)
(96,344) (95,973) (90,500) (103,401) (90,526) (103,186)
BERUWALA RESORTS PLC
THE PALMS - BERUWALA
NOTES TO THE ACCOUNTS
1 Account Status
The Financial Statements of the company and those consolidated with such for the interim period have been prepared on the same accounting
policies and methods of computations as in the most recent audited financial statements and are in compliance with LKAS 34 - Interim Financial
Reporting
2 The accounting policies have been consistently applied by the Group and are consistent with those used in the previous year. The presentation and
classification of the financial statements of the previous year have been amended where relevant to be comparable with those of the current period.
The Interim Financial Statements are provisional and subject to audit.
3 Market Price for the quarter ended
30.09.2024 30.09.2023
Rs. Rs.
Highest 3.10 1.60
Lowest 2.40 1.30
Last Traded Price 2.90 1.40
4 Events subsequent to the Interim Period
No material events other than which were disclosed in the Annual Report which require adjustments to or disclosure in the Financial Statement.
5 Changes in Classification
To facilitate comparison and where relevant balances pertaining to the previous comparative period have been reclassified.
6 Stated Capital
The Stated Capital of the Company is Rs. 120,000,000/- represented by 700,544,295 Ordinary shares
7 Public Holding
The Percentage of Shares held by the Public as at 30.09.2024 was 15.48%
8 Public Shareholders
No. of Public Shareholders as at 30.09.2024 was 2,439
9 The applicable option under CSE Rule 7.13.1(i)(b) on minimum public holding is option 2 and the Float Adjusted Market Capitalization as of 30.09.2024
was Rs. 314,488,344.91
10 Shareholdings of Directors
Directors' direct shareholdings as at 30th September 2024.
Name of Directors No. of Shares
Mr. Amrit Rajaratnam 300,000
11 Contingent Liabilities
There has not been a significant change in the nature of the Contingent Liabilities which were disclosed in the Annual Report for the period ended 31st
March 2024.
12 Management Fees
There were no liabilities for management fees or any other similar expenditure not provided for in the Interim Financial Statements.
Profit/(Loss)before Taxtion
14
The company reported a Loss last year for the six months under review amounting to 15.5Mn with an impairment reversal of 61Mn while this year the
Loss reported 2.4Mn was only through operations.
BERUWALA RESORTS PLC
THE PALMS - BERUWALA
TWENTY MAJOR SHAREHOLDERS AS AT 30TH SEPTEMBER 2024
POSITION MAJOR SHAREHOLDERS NO OF SHARES %
1 COLOMBO FORT HOTELS LIMITED 469,276,958 66.99%
2 SIGIRIYA VILLAGE HOTELS PLC 81,608,417 11.65%
3 HATTON NATIONAL BANK PLC/SRI DHAMAN RAJENDRAM ARUDPRAGASAM 16,035,962 2.29%
4 FINANCIAL TRUST LIMITED 15,900,000 2.27%
5 PEOPLE S LEASING AND FINANCE PLC/L.P.HAPANGAMA 12,481,396 1.78%
6 MR. KAPILA SURIARACHCHI 5,000,000 0.71%
7 DEUTSCHE BANK AG-NATIONAL EQUITY FUND 4,812,017 0.69%
8 MR. LEKAMWASAM HIKKADUWA LIYANAGE MAHINDA PADMASIRI HARADASA 4,710,000 0.67%
9 PEOPLE'S LEASING & FINANCE PLC/L.H.L.M.P.HARADASA 4,605,823 0.66%
10 DIALOG FINANCE PLC/S.VASUDEVAN 3,379,336 0.48%
11 COLOMBO FORT INVESTMENTS PLC 3,000,000 0.43%
12 COLOMBO INVESTMENT TRUST PLC 3,000,000 0.43%
13 JACEY TRUST SERVICES (PRIVATE)LIMITED-ACCOUNT NO 01 3,000,000 0.43%
14 MISS. OSHADHINI UPULIKA KUMARI JAYASUNDARA 2,595,912 0.37%
15 CITIZENS DEVELOPMENT BUSINESS FINANCE ACCOUNT NO. 02 2,020,252 0.29%
16 MR. WARNA THUWAN HUSSAIN 2,000,000 0.29%
17 MR. LEKAMWASAM HIKKADUWA LIYANAGE THEJA DILHAN HARADASA 2,000,000 0.29%
18 MR. AMARAKOON MUDIYANSELAGE WEERASINGHE 2,000,000 0.29%
19 PEOPLE'S LEASING & FINANCE PLC/DR.H.S.D.SOYSA & MRS.G.SOYSA 1,985,713 0.28%
20 MR. RAVINDRA ERLE RAMBUKWELLE 1,903,405 0.27%
Total 641,315,191 91.55%
