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Sigiriya Village Hotels swings to loss in fiscal Q3

Sigiriya Village Hotels PLC said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was a loss of 7 Sri Lankan cents per share, compared with 85 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 615,000 rupees, compared with income of 7.6 million rupees in the year-earlier period.

The normalized profit margin fell to negative 1.0% from 10.8% in the year-earlier period.

Total revenue decreased 15.0% year over year to 60.2 million rupees from 70.8 million rupees, and total operating expenses rose from the prior-year period to 58.3 million rupees from 57.3 million rupees.

Reported net income totaled a loss of 984,000 rupees, or a loss of 11 cents per share, compared to income of 11.6 million rupees, or 1.29 rupees per share, in the year-earlier period.

As of Feb. 6, US$1 was equivalent to 132.96 Sri Lankan rupees.