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Sigiriya Village Hotels swings to loss in fiscal Q4

Sigiriya Village Hotels PLC said its normalized net income for the fiscal fourth quarter ended March 31 came to a loss of 91 Sri Lankan cents per share, compared with 1.24 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 8.2 million rupees, compared with income of 11.2 million rupees in the prior-year period.

The normalized profit margin fell to negative 9.4% from 11.6% in the year-earlier period.

Total revenue decreased 8.5% on an annual basis to 88.0 million rupees from 96.2 million rupees, and total operating expenses decreased 14.3% from the prior-year period to 73.8 million rupees from 86.1 million rupees.

Reported net income totaled a loss of 18.7 million rupees, or a loss of 2.08 rupees per share, compared to income of 6.2 million rupees, or 69 cents per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 43 cents per share, compared with 2.28 rupees per share in the prior year.

Normalized net income was a loss of 3.8 million rupees, compared with income of 20.5 million rupees in the prior year.

Full-year total revenue fell on an annual basis to 274.1 million rupees from 284.5 million rupees, and total operating expenses decreased year over year to 244.0 million rupees from 256.5 million rupees.

The company said reported net income totaled a loss of 11.7 million rupees, or a loss of 1.30 rupees per share, in the full year, compared with income of 19.3 million rupees, or 2.14 rupees per share, the prior year.

As of June 29, US$1 was equivalent to 133.93 Sri Lankan rupees.