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Galadari Hotels (Lanka) swings to loss in Q2

Galadari Hotels (Lanka) PLC said its normalized net income for the second quarter amounted to a loss of 260,810 rupees, compared with income of 6.1 million rupees in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to negative 0.1% from 1.9% in the year-earlier period.

Total revenue declined on an annual basis to 311.7 million rupees from 320.0 million rupees, and total operating expenses rose on an annual basis to 325.8 million rupees from 319.4 million rupees.

Reported net income came to a loss of 3.4 million rupees, or a loss of 1 cents per share, compared to income of 9.7 million rupees, or 2 cents per share, in the year-earlier period.

As of Aug. 6, US$1 was equivalent to 133.84 Sri Lankan rupees.