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Ceylon Hotels swings to profit in fiscal Q2

Ceylon Hotels Corp. PLC said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to 17 Sri Lankan cents per share, compared with a loss of 6 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 31.5 million rupees, compared with a loss of 10.5 million rupees in the year-earlier period.

The normalized profit margin declined to negative 4.8% from negative 3.4% in the year-earlier period.

Total revenue increased 5.8% on an annual basis to 325.3 million rupees from 307.4 million rupees, and total operating expenses fell 17.0% on an annual basis to 230.7 million rupees from 278.0 million rupees.

Reported net income came to 48.3 million rupees, or 27 cents per share, compared to a loss of 17.0 million rupees, or a loss of 9 cents per share, in the year-earlier period.

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