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Hunas Falls Hotels fiscal Q1 profit falls YOY

Hunas Falls Hotels PLC said its normalized net income for the fiscal first quarter ended June 30 amounted to 14 Sri Lankan cents per share, a decline of 76.4% from 60 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 811,250 rupees, a decrease of 76.1% from 3.4 million rupees in the prior-year period.

The normalized profit margin fell to 2.2% from 9.1% in the year-earlier period.

Total revenue declined on an annual basis to 36.7 million rupees from 37.2 million rupees, and total operating expenses climbed 9.2% year over year to 35.8 million rupees from 32.8 million rupees.

Reported net income fell 77.0% from the prior-year period to 1.1 million rupees, or 20 cents per share, from 5.0 million rupees, or 88 cents per share.

As of July 28, US$1 was equivalent to 130.22 Sri Lankan rupees.