The Malawi Stock Exchange listed Blantyre Hotels Limited has started reaping from recent investments it made at its Ryalls Hotel.
The company has since made a profit after tax of 109 million kwacha compared to 96 million kwacha it realized the same period the previous year-attributable to positive performance registered at one of its subsidiaries in hospitality business.
Regarded as one of the oldest Hotels in the country, the BHL’s main business Rhalls Hotel underwent a massive refurbishment meant to increase its capacity.
This is reported to have raised the group’s total income for the year by 600 million -to shoot to 1.6 billion kwacha from last year’s 960 million kwacha.
However, BHL said the foreign currency denominated expenses, inflationary pressures and higher depreciations had an impact on its direct expenses and administrative expenses during the period.
“Direct expenses have risen by 64% and the administrative expenses went up by 84% during the period.” Reads the part of the company’s financial statement for its fiscal year ending 30th September.
Blantyre Hotels Limited whose share at Malawi Stock Exchange is fetching 8 kwacha is partly owned by NICO Holdings Limited.