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Renuka City Hotels fiscal Q3 profit falls YOY

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Renuka City Hotels fiscal Q3 profit falls YOY

Renuka City Hotels PLC said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, amounted to 8.31 Sri Lankan rupees per share, a decline of 51.6% from 17.17 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 58.2 million rupees, a decline of 51.6% from 120.2 million rupees in the year-earlier period.

The normalized profit margin dropped to 86.3% from 192.5% in the year-earlier period.

Total revenue climbed 7.9% year over year to 67.4 million rupees from 62.4 million rupees.

Reported net income fell 52.0% year over year to 91.6 million rupees, or 13.08 rupees per share, from 190.8 million rupees, or 27.26 rupees per share.

As of Feb. 11, US$1 was equivalent to 144.06 Sri Lankan rupees.