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Beruwala Resorts swings to loss in fiscal Q4

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Beruwala Resorts swings to loss in fiscal Q4

Beruwala Resorts PLC said its normalized net income for the fiscal fourth quarter ended March 31 amounted to a loss of 2.9 million rupees, compared with income of 14.6 million rupees in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin dropped to negative 2.6% from 11.7% in the year-earlier period.

Total revenue declined 12.1% on an annual basis to 110.1 million rupees from 125.2 million rupees, and total operating expenses grew on an annual basis to 96.1 million rupees from 92.7 million rupees.

Reported net income totaled a loss of 6.5 million rupees, or a loss of 1 cents per share, compared to income of 28.6 million rupees, or 5 cents per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 7 cents per share, compared with a loss of 3 cents per share in the prior year.

Normalized net income was a loss of 40.8 million rupees, compared with a loss of 19.1 million rupees in the prior year.

Full-year total revenue rose 6.0% on an annual basis to 308.4 million rupees from 290.8 million rupees, and total operating expenses increased 17.9% on an annual basis to 337.0 million rupees from 285.9 million rupees.

The company said reported net income came to a loss of 67.0 million rupees, or a loss of 11 cents per share, in the full year, compared with a loss of 25.6 million rupees, or a loss of 4 cents per share, the prior year.

As of June 29, US$1 was equivalent to 133.93 Sri Lankan rupees.