ASIAN HOTELS AND PROPERTIES PLC AnnuAl RepoRt 2012/13

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notes to the financial statementsPASSIONASIAN HOTELS AND PROPERTIES PLCAnnual Report 2012 /13138in providing products or services whichare subject to risks and rewards that aredifferent from those of other segments.The rental income generated from theCommercial Centre which is categorized asInvestment Property is shown separately.(s) Income Tax ExpensesIncome tax expenses comprise of currentand deferred tax.(t) Current TaxationThe Company is liable for taxation at a rateof 12% in terms of Section 46(1) of theInland Revenue Act No.10 of 2006 andamendments thereto, on its profits derivedfrom “promotion of tourism”. Income Taxfor any other income is computed at 28%.(ii) Deferred TaxationDeferred taxation is provided using theStatement of Financial Position liabilitymethod providing for temporary differencebetween the carrying amount of assets andliabilities for financial reporting purposesand the amounts used for taxationpurposes. The amount of deferred taxprovided is based on the expected mannerof realization or settlement of the carryingamount of assets and liabilities using taxrates enacted or substantively enacted bythe reporting date.adjustments or disclosures have been madein the respective Notes to the FinancialStatements.(v) Cash Flow StatementThe Cash Flow Statement has beenprepared using the “Indirect Method” ofpreparing Cash Flows in accordance withthe Sri Lanka Accounting Standard LKAS 7.The cash and cash equivalent include cashin-hand, balances with banks and money atcall and short notice.(w) Directors’ ResponsibilityThe Board of Directors is responsible for thepreparation and presentation of the financialstatements. This is more fully describedunder the relevant clause in the Directors’Report.Deferred tax assets including those relatedto tax effects of income tax losses andcredits available to be carried forward,are recognised only to the extent that it isprobable that future taxable profit will beavailable against which the asset can beutilised. Deferred tax assets are reviewed ateach reporting date and are reduced to theextent that is no longer probable that therelated tax benefit will be realised.(u) Events after the Reporting PeriodAll material events after the reporting datehas been considered and appropriate
PASSION139 ASIAN HOTELS AND PROPERTIES PLCAnnual Report 2012 /13notes to the financial statements5. REVENUEGroupCompanyFor the year ended 31st March 2013 2012 2013 2012Rs.’000 Rs.’000 Rs.’000 Rs.’000Gross Revenue 8,875,761 9,680,432 5,669,197 6,995,985Value Added Tax (984,783) (825,191) (618,442) (516,223)Net Revenue 7,890,978 8,855,241 5,050,755 6,479,762The company has completed its apartment project last year. Accordingly there will not be revenue generated from the said project except forthe sale of the remaining unsold apartments.6. DIVIDEND INCOMEGroupCompanyFor the year ended 31st March 2013 2012 2013 2012Rs.’000 Rs.’000 Rs.’000 Rs.’000Income from Subsidiary (Trans Asia Hotels PLC) - - 234,422 117,2117. OTHER OPERATING INCOMEExchange Gain 11,782 46,929 8,642 45,777Profit/(Loss) on Disposal of Property, Plant & Equipment 191 943 (4,864) (6,070)Car Park Income 16,463 11,827 16,463 11,827Promotional Income 18,970 15,874 18,970 15,874Taxi Line Commission 9,593 8,662 9,593 8,662Sundry Income 14,309 15,233 10,270 13,17271,308 99,468 59,074 89,2428. FINANCE COSTInterest on Loans - 84 - 84Overdraft Interest 455 12,654 359 12,631455 12,738 359 12,7159. FINANCE INCOMEInterest income on a loan to employees 2,172 3,317 2,172 2,786Income from short term investments 309,848 84,438 245,015 70,132312,020 87,755 247,187 72,918
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ASIAN HOTELS AND PROPERTIES PLC AnnuAl RepoRt 2012/13

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