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Johannesburg - City Lodge Hotels [JSE:CLH] on Friday
announced fully diluted headline earnings per share of 292.8 cents for the year
ended June, from 455.5c in 2010.
It noted fully diluted basic earnings per share of 296.1c, from 456.6c previously.
Revenue advanced 5% to R790.1m from R749m, but operating
profit fell to R252.3m from R320.3m.
In line with the group's policy of distributing 60% of
normalised earnings, a final dividend of 104c has been declared from 177c declared in 2010, bringing the total dividend for the year to 228c,
30% lower than the previous year.
The normalised earnings before interest, taxes, depreciation
and amortisation (ebitda) margin decreased by 9.6% to 41.8%, resulting in
normalised ebitda of R330.4m - a 14.2% drop on the previous year.
Although slightly more rooms were sold than in the previous financial year, occupancies for the year declined to 56%, from 70% in 2010. Excluding the new hotels which opened during the past 18 months, the average occupancy rate was 62%, the group said.
