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.