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Palm Garden Hotels fiscal Q2 loss narrows YOY

Palm Garden Hotels PLC said its normalized net income for the fiscal second quarter ended Sept. 30 was a loss of 3.13 Sri Lankan rupees per share, compared with a loss of 3.70 rupees 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 33.9 million rupees, compared with a loss of 40.0 million rupees in the year-earlier period.

The normalized profit margin rose to negative 24.3% from negative 71.9% in the year-earlier period.

Total revenue rose on an annual basis to 139.6 million rupees from 55.7 million rupees, and total operating expenses increased on an annual basis to 171.8 million rupees from 84.2 million rupees.

Reported net income totaled a loss of 85.0 million rupees, or a loss of 7.86 rupees per share, compared to a loss of 68.4 million rupees, or a loss of 6.32 rupees per share, in the prior-year period.

As of Nov. 14, US$1 was equivalent to 131 Sri Lankan rupees.