Trans Asia Hotels PLC said its normalized net income for the fiscal fourth quarter ended March 31 came to 61 Sri Lankan cents per share, a decline of 15.9% from 73 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 123.1 million rupees, a decline of 15.5% from 145.7 million rupees in the prior-year period.

The normalized profit margin declined to 17.3% from 19.5% in the year-earlier period.

Total revenue fell year over year to 711.0 million rupees from 747.6 million rupees, and total operating expenses totaled 529.6 million rupees, compared with 530.8 million rupees in the prior-year period.

Reported net income grew year over year to 206.8 million rupees, or 1.03 rupees per share, from 199.8 million rupees, or 1.00 rupees per share.

For the year, the company's normalized net income totaled 2.00 rupees per share, a decline of 26.2% from 2.72 rupees per share in the prior year.

Normalized net income was 400.7 million rupees, a decline of 26.2% from 543.1 million rupees in the prior year.

Full-year total revenue fell 5.2% on an annual basis to 2.79 billion rupees from 2.94 billion rupees, and total operating expenses rose year over year to 2.19 billion rupees from 2.13 billion rupees.

The company said reported net income declined 21.3% year over year to 584.6 million rupees, or 2.92 rupees per share, in the full year, from 743.2 million rupees, or 3.72 rupees per share.

As of May 29, US$1 was equivalent to 133.88 Sri Lankan rupees.