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Citrus Leisure swings to loss in fiscal Q3

Citrus Leisure PLC said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, amounted to a loss of 11 Sri Lankan cents per share, compared with 21 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 a loss of 10.9 million rupees, compared with income of 3.6 million rupees in the year-earlier period.

The normalized profit margin dropped to negative 5.6% from 4.0% in the year-earlier period.

Total revenue climbed year over year to 194.7 million rupees from 90.5 million rupees, and total operating expenses climbed year over year to 201.9 million rupees from 76.3 million rupees.

Reported net income totaled a loss of 43.5 million rupees, or a loss of 45 cents per share, compared to a loss of 3.1 million rupees, or a loss of 18 cents per share, in the year-earlier period.

As of Feb. 13, US$1 was equivalent to 132.95 Sri Lankan rupees.