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Trans Asia Hotels fiscal Q3 profit falls YOY

Trans Asia Hotels PLC said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, came to 64 Sri Lankan cents per share, a decline of 23.2% from 83 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 127.8 million rupees, a decline of 22.7% from 165.2 million rupees in the prior-year period.

The normalized profit margin fell to 16.1% from 20.4% in the year-earlier period.

Total revenue fell on an annual basis to 792.7 million rupees from 811.8 million rupees, and total operating expenses grew 6.2% from the prior-year period to 595.9 million rupees from 560.9 million rupees.

Reported net income fell 23.2% on an annual basis to 174.7 million rupees, or 87 cents per share, from 227.4 million rupees, or 1.14 rupees per share.

As of Jan. 30, US$1 was equivalent to 132.17 Sri Lankan rupees.