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Marawila Resorts swings to loss in fiscal Q3

Marawila Resorts PLC said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, amounted to a loss of 11 Sri Lankan cents per share, compared with 6 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 a loss of 13.9 million rupees, compared with income of 7.4 million rupees in the prior-year period.

The normalized profit margin fell to negative 15.6% from 6.5% in the year-earlier period.

Total revenue decreased 20.8% year over year to 89.1 million rupees from 112.4 million rupees, and total operating expenses rose from the prior-year period to 93.9 million rupees from 89.9 million rupees.

Reported net income totaled a loss of 22.2 million rupees, or a loss of 18 cents per share, compared to income of 11.0 million rupees, or 9 cents per share, in the prior-year period.

As of Feb. 6, US$1 was equivalent to 132.96 Sri Lankan rupees.