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Marawila Resorts swings to loss in fiscal Q4

Marawila Resorts PLC said its normalized net income for the fiscal fourth quarter ended March 31 came to a loss of 5 Sri Lankan cents per share, compared with 33 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 7.6 million rupees, compared with income of 40.1 million rupees in the prior-year period.

The normalized profit margin fell to negative 8.3% from 26.3% in the year-earlier period.

Total revenue declined 40.4% on an annual basis to 91.1 million rupees from 152.8 million rupees, and total operating expenses declined on an annual basis to 87.1 million rupees from 89.3 million rupees.

Reported net income came to a loss of 3.3 million rupees, or a loss of 2 cents per share, compared to income of 64.0 million rupees, or 52 cents per share, in the prior-year period.

For the year, the company's normalized net income totaled a loss of 47 cents per share, compared with 7 cents per share in the prior year.

Normalized net income was a loss of 57.0 million rupees, compared with income of 8.9 million rupees in the prior year.

Full-year total revenue declined 21.0% from the prior-year period to 314.7 million rupees from 398.4 million rupees, and total operating expenses rose 5.1% on an annual basis to 349.3 million rupees from 332.2 million rupees.

The company said reported net income totaled a loss of 82.5 million rupees, or a loss of 67 cents per share, in the full year, compared with income of 13.5 million rupees, or 11 cents per share, the prior year.

As of June 29, US$1 was equivalent to 133.93 Sri Lankan rupees.