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Renuka City Hotels fiscal Q1 profit climbs 11.5% YOY

Renuka City Hotels PLC said its normalized net income for the fiscal first quarter ended June 30 amounted to 6.27 Sri Lankan rupees per share, a gain of 11.5% from 5.63 rupees per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 43.9 million rupees, a gain of 11.5% from 39.4 million rupees in the year-earlier period.

The normalized profit margin increased to 78.9% from 64.1% in the year-earlier period.

Total revenue decreased 9.4% year over year to 55.7 million rupees from 61.5 million rupees.

Reported net income rose 11.9% from the prior-year period to 68.8 million rupees, or 9.82 rupees per share, from 61.4 million rupees, or 8.78 rupees per share.

As of Aug. 13, US$1 was equivalent to 133.88 Sri Lankan rupees.