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Kandy Hotels fiscal Q3 profit falls YOY

Kandy Hotels Co. (1938) PLC said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, amounted to 4 Sri Lankan cents per share, a decline of 25.0% from 5 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 22.8 million rupees, a decrease of 17.4% from 27.6 million rupees in the year-earlier period.

The normalized profit margin declined to 16.4% from 22.9% in the year-earlier period.

Total revenue grew on an annual basis to 126.0 million rupees from 120.4 million rupees, and total operating expenses climbed 15.2% year over year to 86.2 million rupees from 74.8 million rupees.

Reported net income fell 8.2% from the prior-year period to 30.1 million rupees, or 5 cents per share, from 32.8 million rupees, or 6 cents per share.

As of Feb. 12, US$1 was equivalent to 132.72 Sri Lankan rupees.