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Serendib Hotels fiscal Q4 profit falls YOY

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Serendib Hotels fiscal Q4 profit falls YOY

Serendib Hotels PLC said its normalized net income for the fiscal fourth quarter ended March 31 was 85 Sri Lankan cents per share, a decline of 8.0% from 92 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 94.8 million rupees, a decrease of 8.1% from 103.2 million rupees in the prior-year period.

The normalized profit margin declined to 17.8% from 18.2% in the year-earlier period.

Total revenue decreased 6.3% year over year to 532.3 million rupees from 568.3 million rupees, and total operating expenses declined 15.6% year over year to 278.7 million rupees from 330.2 million rupees.

Reported net income decreased 19.0% year over year to 139.4 million rupees, or 1.25 rupees per share, from 172.0 million rupees, or 1.54 rupees per share.

For the year, the company's normalized net income totaled 1.14 rupees per share, a gain of 30.3% from 87 cents per share in the prior year.

Normalized net income was 127.1 million rupees, a rise of 30.3% from 97.5 million rupees in the prior year.

Full-year total revenue rose 23.3% year over year to 1.58 billion rupees from 1.28 billion rupees, and total operating expenses increased 11.9% on an annual basis to 1.19 billion rupees from 1.06 billion rupees.

The company said reported net income grew 32.6% year over year to 201.4 million rupees, or 1.81 rupees per share, in the full year, from 151.8 million rupees, or 1.36 rupees per share.

As of June 17, US$1 was equivalent to 133.99 Sri Lankan rupees.