Royal Palms Beach Hotels PLC said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, came to 28 Sri Lankan cents per share, a decline of 57.2% from 65 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 13.8 million rupees, a decrease of 57.8% from 32.7 million rupees in the year-earlier period.
The normalized profit margin declined to 9.7% from 18.2% in the year-earlier period.
Total revenue decreased 20.6% on an annual basis to 142.4 million rupees from 179.3 million rupees, and total operating expenses fell 10.7% from the prior-year period to 117.9 million rupees from 132.0 million rupees.
Reported net income fell 52.4% on an annual basis to 21.2 million rupees, or 43 cents per share, from 44.5 million rupees, or 89 cents per share.
As of Feb. 12, US$1 was equivalent to 132.72 Sri Lankan rupees.
