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Hotel Sigiriya swings to profit in fiscal Q1

Hotel Sigiriya PLC said its normalized net income for the fiscal first quarter ended June 30 came to 58 Sri Lankan cents per share, compared with a loss of 28 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 3.4 million rupees, compared with a loss of 1.6 million rupees in the prior-year period.

The normalized profit margin rose to 6.4% from negative 4.6% in the year-earlier period.

Total revenue climbed 49.6% on an annual basis to 53.6 million rupees from 35.8 million rupees, and total operating expenses grew 27.7% year over year to 49.9 million rupees from 39.1 million rupees.

Reported net income came to 4.7 million rupees, or 81 cents per share, compared to a loss of 2.7 million rupees, or a loss of 46 cents per share, in the prior-year period.

As of Aug. 6, US$1 was equivalent to 133.84 Sri Lankan rupees.