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Asian Hotels & Properties fiscal Q3 profit falls YOY

Asian Hotels and Properties PLC said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, was 67 Sri Lankan cents per share, a decline from 69 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 295.4 million rupees, a decrease from 304.8 million rupees in the year-earlier period.

The normalized profit margin fell to 13.6% from 13.6% in the year-earlier period.

Total revenue declined on an annual basis to 2.17 billion rupees from 2.24 billion rupees, and total operating expenses rose on an annual basis to 1.66 billion rupees from 1.64 billion rupees.

Reported net income decreased on an annual basis to 457.2 million rupees, or 1.03 rupees per share, from 477.7 million rupees, or 1.08 rupees per share.

As of Jan. 27, US$1 was equivalent to 143.91 Sri Lankan rupees.