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Beruwala Resorts fiscal Q3 loss narrows YOY

Beruwala Resorts PLC said its normalized net income for the fiscal third quarter ended Dec. 31, 2015, was a loss of 729,380 rupees, compared with a loss of 9.1 million rupees in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin climbed to negative 0.6% from negative 11.5% in the year-earlier period.

Total revenue climbed 47.9% year over year to 117.1 million rupees from 79.2 million rupees, and total operating expenses grew 17.9% on an annual basis to 101.4 million rupees from 86.0 million rupees.

Reported net income came to a loss of 1.3 million rupees, or a loss of 0 cents per share, compared to a loss of 14.5 million rupees, or a loss of 2 cents per share, in the year-earlier period.

As of Feb. 12, US$1 was equivalent to 144.09 Sri Lankan rupees.