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Hotel Sigiriya fiscal Q1 loss narrows YOY

Hotel Sigiriya PLC said its normalized net income for the fiscal first quarter ended June 30 was a loss of 28 Sri Lankan cents per share, compared with a loss of 90 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 1.6 million rupees, compared with a loss of 5.3 million rupees in the year-earlier period.

The normalized profit margin increased to negative 4.6% from negative 24.1% in the year-earlier period.

Total revenue increased 63.3% year over year to 35.8 million rupees from 21.9 million rupees, and total operating expenses increased 19.3% year over year to 39.1 million rupees from 32.7 million rupees.

Reported net income totaled a loss of 2.7 million rupees, or a loss of 46 cents per share, compared to a loss of 7.3 million rupees, or a loss of 1.25 rupees per share, in the year-earlier period.

As of Aug. 7, US$1 was equivalent to 130.19 Sri Lankan rupees.