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Pegasus Hotels of Ceylon swings to profit in fiscal Q1

Pegasus Hotels of Ceylon PLC said its normalized net income for the fiscal first quarter ended June 30 was 46 Sri Lankan cents per share, compared with a loss of 3 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 14.0 million rupees, compared with a loss of 957,500 rupees in the prior-year period.

The normalized profit margin increased to 12.5% from negative 1.2% in the year-earlier period.

Total revenue grew 41.1% year over year to 112.0 million rupees from 79.3 million rupees, and total operating expenses climbed 13.0% on an annual basis to 93.2 million rupees from 82.5 million rupees.

Reported net income totaled 19.4 million rupees, or 64 cents per share, compared to a loss of 2.6 million rupees, or a loss of 9 cents per share, in the year-earlier period.

As of Aug. 14, US$1 was equivalent to 130.18 Sri Lankan rupees.