Stafford Hotels PLC, owners of the Club Hotel Dolphin, is probably one of the few hotel companies in Sri Lanka that has declared a dividend in the year ended March 31, 2008, the owing company’s Chairman, Mr. A.N. Esufally of the Hemas group has said in the company’s annual report.

He said that the year had seen all round occupancy of 82% at Club Hotel Dolphin, an exceptionally good performance for the second year running.

"It (the hotel) continues to dominate the British Tour Operator market with its lead partner, First Choice Holidays & Flights," Esufally reported.

He attributed the hotel’s strong performance to product innovations and improvements with consolidated net revenue up to Rs.328 million from the previous year’s Rs.263 million.

The profit after-tax too was us to Rs.55.7 million from Rs.36.1 million a year earlier.

An interim dividend of 50 cts. per share for the year under review was paid last March but the directors have not recommended a final dividend.

Esufally and his board were confident that the hotel will continue to perform well during the current financial year 2008/09 "subject to the country situation not deteriorating any further."

He said that several new facilities and value additions are being planned with a view to improve the product offering and ensuring future growth while retaining the hotel’s competitive edge.

"However, the full potential of Club Hotel Dolphin is yet to be realized and as I mentioned in my report last year, it is imperative that peace returns to our country for tourism to prosper," he said.

The performance during the year under review was a record in profit terms, a 10-year financial review of the group reveals.

Stafford owns and operates 98 rooms in Club Hotel Dolphin and 50 cottages at Miami Beach Hotel situated adjacent to the Dolphin.

Net assets per share had grown to Rs.18.40 from Rs.17.13 the previous year and the company’s share traded at a high of Rs.15 and a low of Rs.8 during the year under review. This compared to a trading range of Rs.16.50 to Rs.8.50 the previous year.

The top shareholder of the company is Serendib Hotels PLC (56.92%), followed by DFCC Bank (18.69%), Hemtours (5.35%), Mr. A.N. Esufally (1.42%) and The Mahayaya Estates Co. Ltd. (1.03%).