Malawi Stock Exchange-listed Blantyre Hotels Limited (BHL), operators of Ryalls Hotel, has reported K136 million loss for the year ended December 31 2022, about K154 million lower than the K290 million loss reported in its unaudited results published in June.
This is contained in a summarised consolidated and separate financial statement published by the company on Monday.
The loss represents a 72 percent improvement from the K752 million loss the company reported in 2021.
According to the statement, the performance is attributed to changes in accounting treatment of the company’s investment in Oasis Hospitality Limited, where it has been accounted for as an associate since April 2022.
However, the firm says it started on a positive trajectory in the first six months of 2023.
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“The outlook for the next 12 months is promising, with expected full recovery from the negative impact of Covid.
“We continue to drive operational excellence while personalising the experience for our guests through the Marriott Bonvoy rewards loyalty programme, which will grow our business and drive profitably,” the statement reads.
In an interview, Minority Shareholders Association of Listed Companies General Secretary Frank Harawa rated the listed hospitality unit’s performance as worrisome.
“We understood that, initially, the problem was Covid but we have seen other players in the sector coming back,” Harawa said.
