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Fortress Resorts swings to profit in fiscal Q1

Fortress Resorts PLC said its normalized net income for the fiscal first quarter ended June 30 came to 10 Sri Lankan cents per share, compared with a loss of 1 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 11.7 million rupees, compared with a loss of 1.2 million rupees in the year-earlier period.

The normalized profit margin increased to 9.7% from negative 1.4% in the year-earlier period.

Total revenue rose 31.0% year over year to 120.7 million rupees from 92.1 million rupees, and total operating expenses increased 16.4% on an annual basis to 111.8 million rupees from 96.1 million rupees.

Reported net income totaled 15.8 million rupees, or 14 cents per share, compared to a loss of 3.4 million rupees, or a loss of 3 cents per share, in the year-earlier period.

As of Aug. 14, US$1 was equivalent to 130.18 Sri Lankan rupees.