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Nuwara Eliya Hotels fiscal Q1 profit climbs 5.8% YOY

Nuwara Eliya Hotels Co. PLC said its normalized net income for the fiscal first quarter ended June 30 was 13.22 Sri Lankan rupees per share, a gain of 5.8% from 12.49 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 28.9 million rupees, a gain of 5.8% from 27.3 million rupees in the year-earlier period.

The normalized profit margin rose to 19.6% from 17.8% in the year-earlier period.

Total revenue declined on an annual basis to 147.8 million rupees from 153.3 million rupees, and total operating expenses grew year over year to 127.7 million rupees from 123.3 million rupees.

Reported net income rose 13.5% from the prior-year period to 41.1 million rupees, or 18.78 rupees per share, from 36.2 million rupees, or 16.55 rupees per share.

As of Aug. 15, US$1 was equivalent to 130.18 Sri Lankan rupees.