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Marawila Resorts fiscal Q1 loss narrows YOY

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Marawila Resorts fiscal Q1 loss narrows YOY

Marawila Resorts PLC said its normalized net income for the fiscal first quarter ended June 30 was a loss of 15 Sri Lankan cents per share, compared with a loss of 23 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 18.3 million rupees, compared with a loss of 27.2 million rupees in the year-earlier period.

The normalized profit margin rose to negative 28.7% from negative 52.6% in the year-earlier period.

Total revenue rose 22.9% year over year to 63.5 million rupees from 51.7 million rupees, and total operating expenses rose 15.6% from the prior-year period to 82.1 million rupees from 71.0 million rupees.

Reported net income came to a loss of 29.2 million rupees, or a loss of 24 cents per share, compared to a loss of 43.5 million rupees, or a loss of 36 cents per share, in the year-earlier period.

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