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Hunas Falls Hotels swings to loss in fiscal Q3

Hunas Falls Hotels PLC said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, came to a loss of 56 Sri Lankan cents per share, compared with 37 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 a loss of 3.2 million rupees, compared with income of 2.1 million rupees in the year-earlier period.

The normalized profit margin declined to negative 11.1% from 5.7% in the year-earlier period.

Total revenue fell 22.1% on an annual basis to 28.6 million rupees from 36.7 million rupees, and total operating expenses totaled 34.0 million rupees, compared with 34.2 million rupees in the prior-year period.

Reported net income totaled a loss of 5.1 million rupees, or a loss of 90 cents per share, compared to income of 2.9 million rupees, or 51 cents per share, in the year-earlier period.

As of Feb. 6, US$1 was equivalent to 132.96 Sri Lankan rupees.