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Eden Hotel Lanka swings to loss in fiscal Q3

Eden Hotel Lanka PLC said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, came to a loss of 61 Sri Lankan cents per share, compared with 43 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 32.3 million rupees, compared with income of 22.7 million rupees in the year-earlier period.

The normalized profit margin fell to negative 15.6% from 9.7% in the year-earlier period.

Total revenue declined 11.6% on an annual basis to 206.5 million rupees from 233.6 million rupees, and total operating expenses increased on an annual basis to 180.6 million rupees from 174.6 million rupees.

Reported net income came to a loss of 57.1 million rupees, or a loss of 1.08 rupees per share, compared to income of 33.4 million rupees, or 63 cents per share, in the prior-year period.

As of Feb. 10, US$1 was equivalent to 132.84 Sri Lankan rupees.