Palm Garden Hotels PLC said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, amounted to a loss of 2.46 Sri Lankan rupees per share, compared with a loss of 3.69 rupees per share in the year-earlier period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 26.6 million rupees, compared with a loss of 40.0 million rupees in the prior-year period.
The normalized profit margin increased to negative 12.9% from negative 17.1% in the year-earlier period.
Total revenue decreased 11.6% on an annual basis to 206.5 million rupees from 233.6 million rupees, and total operating expenses declined on an annual basis to 193.6 million rupees from 196.8 million rupees.
Reported net income totaled a loss of 66.4 million rupees, or a loss of 6.14 rupees per share, compared to a loss of 53.6 million rupees, or a loss of 4.96 rupees per share, in the prior-year period.
As of Feb. 10, US$1 was equivalent to 132.84 Sri Lankan rupees.
