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Renuka City Hotels fiscal Q1 profit falls YOY

Renuka City Hotels PLC said its normalized net income for the fiscal first quarter ended June 30 was 5.63 Sri Lankan rupees per share, a decrease of 25.3% from 7.53 rupees per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 39.4 million rupees, a decline of 25.3% from 52.7 million rupees in the year-earlier period.

The normalized profit margin declined to 64.1% from 92.3% in the year-earlier period.

Total revenue came to 61.5 million rupees.

Reported net income decreased 24.4% year over year to 61.4 million rupees, or 8.78 rupees per share, from 81.3 million rupees, or 11.61 rupees per share.

As of Aug. 12, US$1 was equivalent to 130.20 Sri Lankan rupees.