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Citrus Leisure fiscal Q1 loss widens 12.7% YOY

Citrus Leisure PLC said its normalized net income for the fiscal first quarter ended June 30 was a loss of 12 Sri Lankan cents per share, compared with a loss of 10 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 11.4 million rupees, compared with a loss of 10.1 million rupees in the year-earlier period.

The normalized profit margin declined to negative 44.8% from negative 19.1% in the year-earlier period.

Total revenue decreased on an annual basis to 50.4 million rupees from 52.6 million rupees, and total operating expenses grew 13.3% on an annual basis to 65.6 million rupees from 57.9 million rupees.

Reported net income totaled a loss of 26.3 million rupees, or a loss of 27 cents per share, compared to a loss of 24.2 million rupees, or a loss of 25 cents per share, in the prior-year period.

As of Aug. 18, US$1 was equivalent to 130.16 Sri Lankan rupees.