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.