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Marawila Resorts fiscal Q1 loss narrows YOY

Marawila Resorts PLC said its normalized net income for the fiscal first quarter ended June 30 came to a loss of 9 Sri Lankan cents per share, compared with a loss of 15 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 11.1 million rupees, compared with a loss of 18.3 million rupees in the year-earlier period.

The normalized profit margin increased to negative 15.2% from negative 28.7% in the year-earlier period.

Total revenue climbed 14.9% year over year to 73.0 million rupees from 63.5 million rupees, and total operating expenses decreased from the prior-year period to 79.0 million rupees from 82.1 million rupees.

Reported net income totaled a loss of 17.7 million rupees, or a loss of 14 cents per share, compared to a loss of 29.2 million rupees, or a loss of 24 cents per share, in the prior-year period.

As of Aug. 13, US$1 was equivalent to 133.88 Sri Lankan rupees.