Beruwala Resorts PLC said its normalized net income for the fiscal first quarter ended June 30 was a loss of 3 Sri Lankan cents per share, compared with a loss of 3 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 15.7 million rupees, compared with a loss of 15.7 million rupees in the year-earlier period.

The normalized profit margin increased to negative 20.8% from negative 29.2% in the year-earlier period.

Total revenue grew 40.9% on an annual basis to 75.5 million rupees from 53.6 million rupees, and total operating expenses grew 19.9% year over year to 88.7 million rupees from 74.0 million rupees.

Reported net income totaled a loss of 25.1 million rupees, or a loss of 4 cents per share, compared to a loss of 25.1 million rupees, or a loss of 4 cents per share, in the year-earlier period.

As of Aug. 13, US$1 was equivalent to 133.88 Sri Lankan rupees.