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Kandy Hotels fiscal Q1 profit climbs YOY

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Kandy Hotels fiscal Q1 profit climbs YOY

Kandy Hotels Co. (1938) PLC said its normalized net income for the fiscal first quarter ended June 30 came to 16.1 million rupees, a rise from 6.4 million rupees in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin climbed to 16.4% from 6.7% in the year-earlier period.

Total revenue grew 17.7% year over year to 111.0 million rupees from 94.3 million rupees, and total operating expenses decreased on an annual basis to 81.1 million rupees from 83.5 million rupees.

Reported net income increased on an annual basis to 23.5 million rupees, or 4 cents per share, from 8.3 million rupees, or 1 cents per share.

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