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Asian Hotels & Properties fiscal Q1 profit falls YOY

Asian Hotels and Properties PLC said its normalized net income for the fiscal first quarter ended June 30 was 51 Sri Lankan cents per share, a decrease of 5.4% from 54 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 228.0 million rupees, a decrease of 5.2% from 240.6 million rupees in the year-earlier period.

The normalized profit margin climbed to 13.6% from 13.6% in the year-earlier period.

Total revenue declined 5.6% year over year to 1.67 billion rupees from 1.77 billion rupees, and total operating expenses came to 1.38 billion rupees, compared with 1.39 billion rupees in the year-earlier period.

Reported net income fell 10.4% on an annual basis to 302.0 million rupees, or 68 cents per share, from 337.0 million rupees, or 76 cents per share.

As of July 28, US$1 was equivalent to 133.59 Sri Lankan rupees.