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Sigiriya Village Hotels fiscal Q1 loss narrows YOY

Sigiriya Village Hotels PLC said its normalized net income for the fiscal first quarter ended June 30 was a loss of 19 Sri Lankan cents per share, compared with a loss of 92 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 a loss of 1.7 million rupees, compared with a loss of 8.3 million rupees in the year-earlier period.

The normalized profit margin increased to negative 3.3% from negative 19.6% in the year-earlier period.

Total revenue rose 24.6% year over year to 52.5 million rupees from 42.1 million rupees, and total operating expenses fell from the prior-year period to 52.9 million rupees from 53.8 million rupees.

Reported net income came to a loss of 3.1 million rupees, or a loss of 35 cents per share, compared to a loss of 13.2 million rupees, or a loss of 1.47 rupees per share, in the prior-year period.

As of Aug. 14, US$1 was equivalent to 130.18 Sri Lankan rupees.