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Royal Palms Beach Hotels fiscal Q1 loss widens 62.1% YOY

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Royal Palms Beach Hotels fiscal Q1 loss widens 62.1% YOY

Royal Palms Beach Hotels PLC said its normalized net income for the fiscal first quarter ended June 30 came to a loss of 19 Sri Lankan cents per share, compared with a loss of 12 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 a loss of 9.6 million rupees, compared with a loss of 5.9 million rupees in the prior-year period.

The normalized profit margin fell to negative 11.2% from negative 6.7% in the year-earlier period.

Total revenue declined year over year to 85.7 million rupees from 88.8 million rupees, and total operating expenses declined from the prior-year period to 105.2 million rupees from 107.0 million rupees.

Reported net income totaled a loss of 17.5 million rupees, or a loss of 35 cents per share, compared to a loss of 10.1 million rupees, or a loss of 20 cents per share, in the year-earlier period.

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