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Trans Asia Hotels fiscal Q1 profit falls YOY

Trans Asia Hotels PLC said its normalized net income for the fiscal first quarter ended June 30 amounted to 25 Sri Lankan cents per share, a decrease of 45.0% from 46 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 49.5 million rupees, a decrease of 45.4% from 90.7 million rupees in the year-earlier period.

The normalized profit margin fell to 8.5% from 14.8% in the year-earlier period.

Total revenue declined 5.3% on an annual basis to 580.1 million rupees from 612.9 million rupees, and total operating expenses climbed 5.1% on an annual basis to 511.5 million rupees from 486.9 million rupees.

Reported net income fell 46.3% year over year to 65.2 million rupees, or 33 cents per share, from 121.5 million rupees, or 61 cents per share.

As of July 31, US$1 was equivalent to 130.22 Sri Lankan rupees.