Tangerine Beach Hotels PLC said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, came to 94 Sri Lankan cents per share, a decrease of 60.6% from 2.39 rupees per share in the year-earlier period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 18.9 million rupees, a decrease of 60.6% from 48.0 million rupees in the year-earlier period.
The normalized profit margin fell to 12.9% from 25.4% in the year-earlier period.
Total revenue decreased 22.9% year over year to 145.9 million rupees from 189.1 million rupees, and total operating expenses decreased 7.0% from the prior-year period to 121.3 million rupees from 130.4 million rupees.
Reported net income fell 22.1% on an annual basis to 31.8 million rupees, or 1.59 rupees per share, from 40.9 million rupees, or 2.04 rupees per share.
As of Feb. 12, US$1 was equivalent to 132.72 Sri Lankan rupees.
