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Pegasus Hotels of Ceylon fiscal Q4 profit falls YOY

Pegasus Hotels of Ceylon PLC said its normalized net income for the fiscal fourth quarter ended March 31 came to 43 Sri Lankan cents per share, a decline of 51.4% from 88 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 13.0 million rupees, a decline of 51.5% from 26.8 million rupees in the prior-year period.

The normalized profit margin dropped to 9.9% from 19.2% in the year-earlier period.

Total revenue fell 6.3% year over year to 130.8 million rupees from 139.7 million rupees, and total operating expenses climbed 15.5% year over year to 115.1 million rupees from 99.6 million rupees.

Reported net income fell 55.6% year over year to 17.4 million rupees, or 57 cents per share, from 39.2 million rupees, or 1.29 rupees per share.

For the year, the company's normalized net income totaled 2.27 rupees per share, an increase of 46.6% from 1.55 rupees per share in the prior year.

Normalized net income was 69.0 million rupees, an increase of 46.6% from 47.1 million rupees in the prior year.

Full-year total revenue increased 12.8% from the prior-year period to 510.3 million rupees from 452.2 million rupees, and total operating expenses increased 8.7% year over year to 417.8 million rupees from 384.3 million rupees.

The company said reported net income rose 44.0% on an annual basis to 95.9 million rupees, or 3.15 rupees per share, in the full year, from 66.6 million rupees, or 2.19 rupees per share.

As of May 12, US$1 was equivalent to 133.63 Sri Lankan rupees.