Sea Pearl Beach Resort tries for recovery
Stocks
Sea Pearl Beach Resort & Spa Limited is trying to revive from the sluggishness in their business caused by the adverse effects of the Covid-19 pandemic.
Hotel authorities have said a large number of tourists have confirmed booking since the movement restriction and lockdowns were lifted. They hope that the business will be in full swing within three months.
Sea Pearl's Company Secretary Azharul Islam said the business ran properly only for three months and there was almost no business for nine months in FY 2020-21. During the period, the company did not receive any local or foreign tourists.
The hotel and tourism business was severely affected by Covid-19 in the last two years and at present, after lifting the restriction the sector is trying to recover, he added.
Seriously affected by the pandemic in the last two years, the company posted Tk7.61 crore net profit in FY 2020-21, which was Tk1.1 crore negative in 2019-20.
The company recommended a 1% cash dividend for its shareholders for the period ended in 2020-21.
The company will hold an annual general meeting (AGM) on 13 November to secure the approval of the declared dividend, an audited report, and other documents. The record date for the AGM has been fixed as 11 September.
The company started its commercial operation on 17 September 2015 and was listed on the Dhaka Stock Exchange (DSE) in 2019.
The business activities of the company are carried out through a franchise agreement between Sea Pearl Beach Resort & Spa Limited (franchisee) and GT Investments BV (franchisor), a limited liability company organised under the laws of the Netherlands, having registered on 1 June 2014.
In FY 2021, the earnings per share of the company were Tk0.61, which was Tk0.09 negative in the previous year. During the period, its net asset value per share was Tk10.63.
Out of the company's total shares, sponsors and directors jointly hold 46.83%, institutional investors 29.25% and general investors hold 23.92%.
The last trading price of its shares at the DSE was Tk41.80 each on Sunday.
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