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Galadari Hotels (Lanka) Q1 profit falls YOY

Galadari Hotels (Lanka) PLC said its normalized net income for the first quarter was 9 Sri Lankan cents per share, a decrease of 17.5% from 11 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 47.3 million rupees, a decrease of 16.1% from 56.4 million rupees in the year-earlier period.

The normalized profit margin declined to 12.2% from 13.4% in the year-earlier period.

Total revenue fell 7.4% on an annual basis to 389.2 million rupees from 420.1 million rupees, and total operating expenses decreased on an annual basis to 330.6 million rupees from 345.8 million rupees.

Reported net income fell 26.6% on an annual basis to 66.2 million rupees, or 13 cents per share, from 90.2 million rupees, or 18 cents per share.

As of May 5, US$1 was equivalent to 133.19 Sri Lankan rupees.