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Ceylon Hotels fiscal Q1 loss narrows YOY

Ceylon Hotels Corp. PLC said its normalized net income for the fiscal first quarter ended June 30 came to a loss of 16 Sri Lankan cents per share, compared with a loss of 31 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 a loss of 29.0 million rupees, compared with a loss of 56.5 million rupees in the year-earlier period.

The normalized profit margin increased to negative 12.9% from negative 27.0% in the year-earlier period.

Total revenue climbed 18.2% on an annual basis to 247.8 million rupees from 209.5 million rupees, and total operating expenses totaled 252.5 million rupees, compared with 254.5 million rupees in the prior-year period.

Reported net income totaled a loss of 45.4 million rupees, or a loss of 25 cents per share, compared to a loss of 91.0 million rupees, or a loss of 51 cents per share, in the prior-year period.

As of Aug. 14, US$1 was equivalent to 130.18 Sri Lankan rupees.