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Mahaweli Reach Hotels fiscal Q3 profit climbs 12.3% YOY

Mahaweli Reach Hotels PLC said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, amounted to 24 Sri Lankan cents per share, an increase of 14.5% from 21 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 11.3 million rupees, a gain of 12.3% from 10.1 million rupees in the prior-year period.

The normalized profit margin fell to 7.0% from 7.2% in the year-earlier period.

Total revenue climbed 7.5% year over year to 151.6 million rupees from 141.0 million rupees, and total operating expenses grew 8.5% year over year to 129.0 million rupees from 118.9 million rupees.

Reported net income grew 15.9% from the prior-year period to 18.1 million rupees, or 39 cents per share, from 15.7 million rupees, or 33 cents per share.

As of Jan. 26, US$1 was equivalent to 132.00 Sri Lankan rupees.