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Hikkaduwa Beach Resort fiscal Q3 profit falls YOY

Hikkaduwa Beach Resort PLC said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, amounted to 20 Sri Lankan cents per share, a decline of 22.9% from 26 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 11.6 million rupees, a decline of 22.9% from 15.0 million rupees in the year-earlier period.

The normalized profit margin declined to 15.5% from 18.4% in the year-earlier period.

Total revenue decreased 8.6% year over year to 74.4 million rupees from 81.4 million rupees, and total operating expenses totaled 56.7 million rupees, compared with 57.2 million rupees in the prior-year period.

Reported net income fell 24.2% from the prior-year period to 18.5 million rupees, or 32 cents per share, from 24.4 million rupees, or 42 cents per share.

As of Feb. 13, US$1 was equivalent to 132.95 Sri Lankan rupees.