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Hunas Falls Hotels swings to loss in fiscal Q1

Hunas Falls Hotels PLC said its normalized net income for the fiscal first quarter ended June 30 amounted to a loss of 81 Sri Lankan cents per share, compared with 14 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 4.6 million rupees, compared with income of 811,250 rupees in the year-earlier period.

The normalized profit margin dropped to negative 16.9% from 2.2% in the year-earlier period.

Total revenue fell 26.5% year over year to 26.9 million rupees from 36.7 million rupees, and total operating expenses fell on an annual basis to 34.4 million rupees from 35.8 million rupees.

Reported net income totaled a loss of 7.3 million rupees, or a loss of 1.29 rupees per share, compared to income of 1.1 million rupees, or 20 cents per share, in the prior-year period.

As of July 28, US$1 was equivalent to 133.59 Sri Lankan rupees.