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Dolphin Hotels swings to profit in fiscal Q1

Dolphin Hotels PLC said its normalized net income for the fiscal first quarter ended June 30 came to 41 Sri Lankan cents per share, compared with a loss of 42 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 12.9 million rupees, compared with a loss of 13.3 million rupees in the year-earlier period.

The normalized profit margin rose to 7.2% from negative 17.3% in the year-earlier period.

Total revenue rose year over year to 178.1 million rupees from 77.1 million rupees, and total operating expenses rose 65.2% year over year to 154.8 million rupees from 93.7 million rupees.

Reported net income totaled 15.6 million rupees, or 49 cents per share, compared to a loss of 18.8 million rupees, or a loss of 59 cents per share, in the year-earlier period.

As of Aug. 7, US$1 was equivalent to 130.19 Sri Lankan rupees.