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Nuwara Eliya Hotels fiscal Q4 profit falls YOY

Nuwara Eliya Hotels Co. PLC said its normalized net income for the fiscal fourth quarter ended March 31 came to 23.39 Sri Lankan rupees per share, a decline of 29.4% from 33.12 rupees per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 51.1 million rupees, a decrease of 29.4% from 72.4 million rupees in the prior-year period.

The normalized profit margin declined to 18.8% from 28.9% in the year-earlier period.

Total revenue rose 8.6% on an annual basis to 272.3 million rupees from 250.8 million rupees, and total operating expenses grew 8.4% from the prior-year period to 165.9 million rupees from 153.0 million rupees.

Reported net income fell 16.1% year over year to 87.1 million rupees, or 39.86 rupees per share, from 103.8 million rupees, or 47.50 rupees per share.

For the year, the company's normalized net income totaled 83.94 rupees per share, a fall of 14.7% from 98.38 rupees per share in the prior year.

Normalized net income was 183.5 million rupees, a fall of 14.7% from 215.1 million rupees in the prior year.

Full-year total revenue totaled 837.8 million rupees, compared with 829.9 million rupees in the prior year, and total operating expenses rose 7.0% year over year to 580.2 million rupees from 542.0 million rupees.

The company said reported net income declined 7.7% on an annual basis to 271.1 million rupees, or 124.01 rupees per share, in the full year, from 293.7 million rupees, or 134.37 rupees per share.

As of May 20, US$1 was equivalent to 133.44 Sri Lankan rupees.