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Tal Lanka Hotels fiscal Q3 loss narrows YOY

Tal Lanka Hotels PLC said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, came to a loss of 16 Sri Lankan cents per share, compared with a loss of 53 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 21.5 million rupees, compared with a loss of 74.1 million rupees in the prior-year period.

The normalized profit margin climbed to negative 3.9% from negative 20.9% in the year-earlier period.

Total revenue climbed 55.0% on an annual basis to 550.5 million rupees from 355.2 million rupees, and total operating expenses increased 13.1% on an annual basis to 533.5 million rupees from 471.5 million rupees.

Reported net income came to a loss of 34.4 million rupees, or a loss of 25 cents per share, compared to a loss of 118.5 million rupees, or a loss of 85 cents per share, in the prior-year period.

As of Feb. 10, US$1 was equivalent to 132.84 Sri Lankan rupees.