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Hikkaduwa Beach Resort fiscal Q1 loss widens YOY

Hikkaduwa Beach Resort PLC said its normalized net income for the fiscal first quarter ended June 30 amounted to a loss of 6 Sri Lankan cents per share, compared with a loss of 2 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 3.6 million rupees, compared with a loss of 854,750 rupees in the prior-year period.

The normalized profit margin declined to negative 8.4% from negative 1.9% in the year-earlier period.

Total revenue decreased on an annual basis to 42.9 million rupees from 44.6 million rupees, and total operating expenses climbed 6.5% from the prior-year period to 48.8 million rupees from 45.8 million rupees.

Reported net income totaled a loss of 5.8 million rupees, or a loss of 10 cents per share, compared to a loss of 1.6 million rupees, or a loss of 3 cents per share, in the prior-year period.

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