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Fortress Resorts fiscal Q4 profit falls YOY

Fortress Resorts PLC said its normalized net income for the fiscal fourth quarter ended March 31 amounted to 65 Sri Lankan cents per share, a decline from 67 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 73.5 million rupees, a decrease from 74.9 million rupees in the year-earlier period.

The normalized profit margin rose to 30.6% from 29.3% in the year-earlier period.

Total revenue declined 6.0% year over year to 240.1 million rupees from 255.5 million rupees, and total operating expenses rose year over year to 137.1 million rupees from 133.1 million rupees.

Reported net income decreased from the prior-year period to 101.6 million rupees, or 90 cents per share, from 103.7 million rupees, or 93 cents per share.

For the year, the company's normalized net income totaled 1.32 rupees per share, an increase of 12.8% from 1.17 rupees per share in the prior year.

Normalized net income was 146.0 million rupees, an increase of 12.8% from 129.4 million rupees in the prior year.

Full-year total revenue grew 5.6% from the prior-year period to 687.0 million rupees from 650.5 million rupees, and total operating expenses rose 6.9% on an annual basis to 500.7 million rupees from 468.5 million rupees.

The company said reported net income increased 7.3% year over year to 189.8 million rupees, or 1.71 rupees per share, in the full year, from 176.9 million rupees, or 1.60 rupees per share.

As of May 18, US$1 was equivalent to 133.55 Sri Lankan rupees.