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Lighthouse Hotel swings to profit in fiscal Q1

Lighthouse Hotel PLC said its normalized net income for the fiscal first quarter ended June 30 came to 12 Sri Lankan cents per share, compared with a loss of 6 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 5.3 million rupees, compared with a loss of 3.0 million rupees in the prior-year period.

The normalized profit margin climbed to 3.9% from negative 2.7% in the year-earlier period.

Total revenue increased 24.2% on an annual basis to 137.9 million rupees from 111.0 million rupees, and total operating expenses climbed 6.9% on an annual basis to 127.9 million rupees from 119.6 million rupees.

Reported net income totaled 5.8 million rupees, or 13 cents per share, compared to a loss of 8.0 million rupees, or a loss of 17 cents per share, in the prior-year period.

As of Aug. 8, US$1 was equivalent to 130.19 Sri Lankan rupees.