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Tangerine Beach Hotels fiscal Q1 loss widens YOY

Tangerine Beach Hotels PLC said its normalized net income for the fiscal first quarter ended June 30 came to a loss of 43 Sri Lankan cents per share, compared with a loss of 19 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 a loss of 8.5 million rupees, compared with a loss of 3.8 million rupees in the prior-year period.

The normalized profit margin dropped to negative 8.9% from negative 4.2% in the year-earlier period.

Total revenue increased 5.9% year over year to 96.0 million rupees from 90.7 million rupees, and total operating expenses rose 9.7% on an annual basis to 108.0 million rupees from 98.5 million rupees.

Reported net income came to a loss of 17.3 million rupees, or a loss of 87 cents per share, compared to a loss of 6.9 million rupees, or a loss of 35 cents per share, in the year-earlier period.

As of Aug. 11, US$1 was equivalent to 130.20 Sri Lankan rupees.