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Mahaweli Reach Hotels profit holds relatively steady YOY in fiscal Q1

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Mahaweli Reach Hotels profit holds relatively steady YOY in fiscal Q1

Mahaweli Reach Hotels PLC said its normalized net income for the fiscal first quarter ended June 30 amounted to a loss of 17 Sri Lankan cents per share, compared with a loss of 17 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 8.0 million rupees, compared with a loss of 8.0 million rupees in the year-earlier period.

The normalized profit margin rose to negative 8.0% from negative 8.8% in the year-earlier period.

Total revenue increased 10.9% year over year to 100.4 million rupees from 90.5 million rupees, and total operating expenses grew 10.7% on an annual basis to 109.3 million rupees from 98.8 million rupees.

Reported net income totaled a loss of 12.9 million rupees, or a loss of 27 cents per share, compared to a loss of 12.8 million rupees, or a loss of 27 cents per share, in the prior-year period.

As of July 30, US$1 was equivalent to 130.22 Sri Lankan rupees.