Geza Ulole
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Serena Hotels posts €1.47m loss
15 Aug 2018
Serena Hotels has reported a Sh168.6 million loss, a reduction of the Sh188 million it posted for the same period in 2017.
The parent firm of the Serena group of Hotels, TPS East Africa, has narrowed its losses by 10.69% over six months ending in June, as sales began to rise marginally.
The company, which is listed on the Nairobi Securities Exchange (NSE), saw its nett loss drop to Sh168.6 million (€1.47m) in the first six months of 2018 compared with Sh188.7 million (€1.65m) in the same period last year.
The firm attributes the loss to lower than expected sales from the foreign leisure tourism segment in East Africa during the first quarter, and the unexpected increase in energy and other operating costs.
“The company’s diversified portfolio in East Africa recorded satisfactory growth in the corporate and domestic leisure segments, particularly during the second quarter of 2018 after the political environment in Kenya stabilised,” said the firm in a statement on Monday.
The hotel chain believes the refurbishment of its Nairobi Serena Hotel, which is expected to conclude this month, will boost business, and that the already completed upgrade of Kampala Serena Hotel in Uganda and the Dar es Salaam Serena Hotel in Tanzania last year has already started paying off, reports Business Daily.
“The first phase of the redevelopment of Nairobi Serena Hotel will be handed over in August and consequently the board is optimistic that the last of quarter of 2018 will record improved performance following the completion of the ballroom, new restaurant and an executive lounge, which will generate additional revenue,” read the statement issued by TPS.
Furthermore, the firm aims to open the Goma Serena Hotel in the Democratic Republic of the Congo (DRC) early next year.
{{title}} Tourism Update
15 Aug 2018
Serena Hotels has reported a Sh168.6 million loss, a reduction of the Sh188 million it posted for the same period in 2017.
The parent firm of the Serena group of Hotels, TPS East Africa, has narrowed its losses by 10.69% over six months ending in June, as sales began to rise marginally.
The company, which is listed on the Nairobi Securities Exchange (NSE), saw its nett loss drop to Sh168.6 million (€1.47m) in the first six months of 2018 compared with Sh188.7 million (€1.65m) in the same period last year.
The firm attributes the loss to lower than expected sales from the foreign leisure tourism segment in East Africa during the first quarter, and the unexpected increase in energy and other operating costs.
“The company’s diversified portfolio in East Africa recorded satisfactory growth in the corporate and domestic leisure segments, particularly during the second quarter of 2018 after the political environment in Kenya stabilised,” said the firm in a statement on Monday.
The hotel chain believes the refurbishment of its Nairobi Serena Hotel, which is expected to conclude this month, will boost business, and that the already completed upgrade of Kampala Serena Hotel in Uganda and the Dar es Salaam Serena Hotel in Tanzania last year has already started paying off, reports Business Daily.
“The first phase of the redevelopment of Nairobi Serena Hotel will be handed over in August and consequently the board is optimistic that the last of quarter of 2018 will record improved performance following the completion of the ballroom, new restaurant and an executive lounge, which will generate additional revenue,” read the statement issued by TPS.
Furthermore, the firm aims to open the Goma Serena Hotel in the Democratic Republic of the Congo (DRC) early next year.
{{title}} Tourism Update