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Royal Palms Beach Hotels fiscal Q3 profit falls YOY

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.