Serendib Hotels PLC said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, amounted to 23 Sri Lankan cents per share, a decrease of 32.3% from 35 cents per share in the prior-year period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 26.1 million rupees, a decline of 31.8% from 38.2 million rupees in the year-earlier period.
The normalized profit margin declined to 6.4% from 10.3% in the year-earlier period.
Total revenue grew 9.1% on an annual basis to 405.5 million rupees from 371.7 million rupees, and total operating expenses increased 10.8% from the prior-year period to 317.8 million rupees from 286.7 million rupees.
Reported net income decreased 31.9% year over year to 49.0 million rupees, or 44 cents per share, from 72.0 million rupees, or 65 cents per share.
As of Feb. 5, US$1 was equivalent to 132.28 Sri Lankan rupees.
