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Serendib Hotels swings to profit in fiscal Q1

Serendib Hotels PLC said its normalized net income for the fiscal first quarter ended June 30 was 356,750 rupees, compared with a loss of 38.2 million rupees in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin increased to 0.1% from negative 23.7% in the year-earlier period.

Total revenue increased 77.7% year over year to 286.6 million rupees from 161.3 million rupees, and total operating expenses increased 31.0% year over year to 287.7 million rupees from 219.6 million rupees.

Reported net income came to a loss of 701,000 rupees, or a loss of 1 cents per share, compared to a loss of 64.7 million rupees, or a loss of 58 cents per share, in the prior-year period.

As of Aug. 7, US$1 was equivalent to 130.19 Sri Lankan rupees.