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Hunas Falls Hotels swings to loss in fiscal Q4

Hunas Falls Hotels PLC said its normalized net income for the fiscal fourth quarter ended March 31 was a loss of 24,320 rupees, compared with income of 5.6 million rupees in the prior-year 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 14.6% in the year-earlier period.

Total revenue declined 16.8% on an annual basis to 31.7 million rupees from 38.2 million rupees, and total operating expenses rose 8.4% on an annual basis to 35.5 million rupees from 32.7 million rupees.

Reported net income decreased 96.8% year over year to 277,980 rupees, or 5 cents per share, from 8.6 million rupees, or 1.53 rupees per share.

For the year, the company's normalized net income totaled 44 cents per share, a decline of 82.6% from 2.52 rupees per share in the prior year.

Normalized net income was 2.5 million rupees, a decrease of 82.6% from 14.2 million rupees in the prior year.

Full-year total revenue fell 7.0% year over year to 139.8 million rupees from 150.4 million rupees, and total operating expenses grew year over year to 140.8 million rupees from 134.1 million rupees.

The company said reported net income fell 85.1% on an annual basis to 3.2 million rupees, or 56 cents per share, in the full year, from 21.2 million rupees, or 3.77 rupees per share.

As of May 27, US$1 was equivalent to 134.06 Sri Lankan rupees.