Asian Hotels & Properties PLC said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, was 69 Sri Lankan cents per share, a decline of 17.5% from 84 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 304.8 million rupees, a decline of 17.7% from 370.2 million rupees in the year-earlier period.
The normalized profit margin dropped to 13.6% from 16.3% in the year-earlier period.
Total revenue decreased year over year to 2.24 billion rupees from 2.26 billion rupees, and total operating expenses grew 6.2% year over year to 1.64 billion rupees from 1.54 billion rupees.
Reported net income decreased 20.8% on an annual basis to 477.7 million rupees, or 1.08 rupees per share, from 602.8 million rupees, or 1.36 rupees per share.
As of Jan. 28, US$1 was equivalent to 132.28 Sri Lankan rupees.
