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John Keells Hotels swings to profit in fiscal Q1

John Keells Hotels PLC said its normalized net income for the fiscal first quarter ended June 30 was 6 Sri Lankan cents per share, compared with a loss of 4 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 92.3 million rupees, compared with a loss of 53.3 million rupees in the year-earlier period.

The normalized profit margin rose to 3.9% from negative 2.6% in the year-earlier period.

Total revenue increased 15.7% year over year to 2.34 billion rupees from 2.03 billion rupees, and total operating expenses climbed 6.8% year over year to 2.14 billion rupees from 2.01 billion rupees.

Reported net income totaled 128.6 million rupees, or 9 cents per share, compared to a loss of 102.4 million rupees, or a loss of 7 cents per share, in the prior-year period.

As of July 30, US$1 was equivalent to 130.22 Sri Lankan rupees.