Asian Hotels & Properties PLC said its normalized net income for the fiscal fourth quarter ended March 31 came to 66 Sri Lankan cents per share, a decrease of 15.4% from 78 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 292.8 million rupees, a decline of 15.5% from 346.5 million rupees in the year-earlier period.
The normalized profit margin fell to 14.5% from 16.3% in the year-earlier period.
Total revenue declined on an annual basis to 2.02 billion rupees from 2.12 billion rupees, and total operating expenses declined from the prior-year period to 1.42 billion rupees from 1.47 billion rupees.
Reported net income decreased 39.6% on an annual basis to 504.0 million rupees, or 1.14 rupees per share, from 834.9 million rupees, or 1.89 rupees per share.
For the year, the company's normalized net income totaled 2.53 rupees per share, a fall of 15.0% from 2.98 rupees per share in the prior year.
Normalized net income was 1.12 billion rupees, a fall of 15.0% from 1.32 billion rupees in the prior year.
Full-year total revenue declined year over year to 8.08 billion rupees from 8.26 billion rupees, and total operating expenses increased on an annual basis to 5.97 billion rupees from 5.79 billion rupees.
The company said reported net income declined 26.7% on an annual basis to 1.76 billion rupees, or 3.97 rupees per share, in the full year, from 2.40 billion rupees, or 5.42 rupees per share.
As of June 4, US$1 was equivalent to 134.13 Sri Lankan rupees.
