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Kandy Hotels fiscal Q2 profit climbs 8.5% YOY

Kandy Hotels Co. (1938) PLC said its normalized net income for the fiscal second quarter ended Sept. 30 came to 6 Sri Lankan cents per share, a decline of 39.8% from 10 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 34.1 million rupees, an increase of 8.5% from 31.4 million rupees in the prior-year period.

The normalized profit margin declined to 22.2% from 22.9% in the year-earlier period.

Total revenue climbed on an annual basis to 140.4 million rupees from 136.8 million rupees, and total operating expenses declined 8.7% year over year to 77.7 million rupees from 85.1 million rupees.

Reported net income rose 5.0% from the prior-year period to 45.9 million rupees, or 8 cents per share, from 43.7 million rupees, or 14 cents per share.

As of Nov. 14, US$1 was equivalent to 131 Sri Lankan rupees.