City Lodge FY net profit up 15% to R318.26m

City Lodge Hotels reports a 15% rise in net profit to R318.26m in the year to June as occupancies rise.

City Lodge Hotels (CLH) on Friday reported a 15% rise in net profit to R318.26m in the year to June as occupancies rose.

The average occupancies for the year at the South African operations rose 4 percentage points to 67% compared to 63% a year ago.

The company said while its Botswana hotel improved occupancies‚ the perceived Ebola risk and travel advisories regarding security concerns in parts of East Africa affected the Kenyan operations.

Total revenue grew 22.6% to R1.3bn‚ assisted partly by a contribution from City Lodge Hotel Waterfall City‚ which became fully operational in February.

Normalised diluted headline earnings per share rose 18.2% to 759.9c while the final dividend per share was up 22% to 230c.