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Palm Garden Hotels fiscal Q1 loss widens YOY

Palm Garden Hotels PLC said its normalized net income for the fiscal first quarter ended June 30 was a loss of 3.48 Sri Lankan rupees per share, compared with a loss of 3.40 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 37.7 million rupees, compared with a loss of 36.8 million rupees in the prior-year period.

The normalized profit margin rose to negative 38.1% from negative 90.0% in the year-earlier period.

Total revenue climbed year over year to 98.9 million rupees from 40.9 million rupees, and total operating expenses rose on an annual basis to 159.3 million rupees from 75.1 million rupees.

Reported net income came to a loss of 99.8 million rupees, or a loss of 9.23 rupees per share, compared to a loss of 65.9 million rupees, or a loss of 6.09 rupees per share, in the prior-year period.

As of Aug. 15, US$1 was equivalent to 130.18 Sri Lankan rupees.