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Browns Beach Hotels fiscal Q1 profit falls YOY

Browns Beach Hotels PLC said its normalized net income for the fiscal first quarter ended June 30 amounted to 5 Sri Lankan cents per share, a decline of 80.2% from 26 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 6.3 million rupees, a decline of 81.0% from 33.0 million rupees in the prior-year period.

Reported net income fell 83.5% year over year to 6.2 million rupees, or 5 cents per share, from 37.5 million rupees, or 29 cents per share.

As of Aug. 8, US$1 was equivalent to 130.19 Sri Lankan rupees.