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Browns Beach Hotels swings to loss in fiscal Q1

Browns Beach Hotels PLC said its normalized net income for the fiscal first quarter ended June 30 amounted to a loss of 6 Sri Lankan cents per share, compared with 5 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 a loss of 8.3 million rupees, compared with income of 6.3 million rupees in the year-earlier period.

Reported net income came to a loss of 13.2 million rupees, or a loss of 10 cents per share, compared to income of 6.2 million rupees, or 5 cents per share, in the year-earlier period.

As of Aug. 10, US$1 was equivalent to 133.78 Sri Lankan rupees.