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Sigiriya Village Hotels fiscal Q2 profit climbs 45.1% YOY

Sigiriya Village Hotels PLC said its normalized net income for the fiscal second quarter ended Sept. 30 was 1.12 Sri Lankan rupees per share, an increase of 50.7% from 74 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 9.7 million rupees, an increase of 45.1% from 6.7 million rupees in the year-earlier period.

The normalized profit margin rose to 12.1% from 9.1% in the year-earlier period.

Total revenue rose 9.4% on an annual basis to 80.3 million rupees from 73.4 million rupees, and total operating expenses rose year over year to 61.0 million rupees from 59.1 million rupees.

Reported net income rose 40.0% on an annual basis to 15.0 million rupees, or 1.73 rupees per share, from 10.7 million rupees, or 1.19 rupees per share.

As of Nov. 13, US$1 was equivalent to 142.05 Sri Lankan rupees.