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Hikkaduwa Beach Resort fiscal Q3 profit climbs 7.1% YOY

Hikkaduwa Beach Resort PLC said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, was 22 Sri Lankan cents per share, an increase of 7.3% from 20 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 12.4 million rupees, a gain of 7.1% from 11.6 million rupees in the prior-year period.

The normalized profit margin declined to 15.5% from 15.5% in the year-earlier period.

Total revenue climbed 7.1% on an annual basis to 79.7 million rupees from 74.4 million rupees, and total operating expenses grew 13.9% from the prior-year period to 64.6 million rupees from 56.7 million rupees.

Reported net income fell 11.7% from the prior-year period to 16.3 million rupees, or 28 cents per share, from 18.5 million rupees, or 32 cents per share.

As of Jan. 27, US$1 was equivalent to 143.91 Sri Lankan rupees.