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Eden Hotel Lanka swings to loss in fiscal Q4

Eden Hotel Lanka PLC said its normalized net income for the fiscal fourth quarter ended March 31 amounted to a loss of 25 Sri Lankan cents per share, compared with 66 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 13.9 million rupees, compared with income of 34.8 million rupees in the prior-year period.

The normalized profit margin fell to negative 4.6% from 8.4% in the year-earlier period.

Total revenue declined 26.4% on an annual basis to 303.6 million rupees from 412.7 million rupees, and total operating expenses declined on an annual basis to 305.9 million rupees from 319.2 million rupees.

Reported net income fell 93.9% from the prior-year period to 3.6 million rupees, or 7 cents per share, from 59.4 million rupees, or 1.13 rupees per share.

For the year, the company's normalized net income totaled a loss of 3.48 rupees per share, compared with 69 cents per share in the prior year.

Normalized net income was a loss of 183.5 million rupees, compared with income of 36.5 million rupees in the prior year.

Full-year total revenue totaled 748.6 million rupees, compared with 743.0 million rupees in the prior year, and total operating expenses grew 28.3% on an annual basis to 793.2 million rupees from 618.3 million rupees.

The company said reported net income came to a loss of 273.2 million rupees, or a loss of 5.17 rupees per share, in the full year, compared with income of 58.9 million rupees, or 1.11 rupees per share, the prior year.

As of Aug. 6, US$1 was equivalent to 133.84 Sri Lankan rupees.