Sri Lanka Renuka City Sept net eroded by lower investment gains

Oct 31, 2011 (LBO) – Lower profit from share trading owing to a fall in the Sri Lankan stock market has halved Renuka City Hotels’ September 2011 quarter profit, a stock exchange filing showed. Net profit fell 58 percent to 52 million rupees in the September 2011 quarter from a year ago although sales more than doubled to 47 million rupees.

Other operating income of Renuka City Hotels fell 77 percent to 27 million rupees during the period. Earnings per share for the quarter fell to 7.37 rupees from 17.39 the year before.

In the six months ending September 30, 2011 earnings per share rose to 32.80 rupees from 22.71 rupees the previous year with net profit up 44 percent to 230 million rupees.