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Elpitiya Plantations swings to loss in fiscal Q2

Elpitiya Plantations PLC said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to a loss of 11 Sri Lankan cents per share, compared with 67 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 7.6 million rupees, compared with income of 48.8 million rupees in the prior-year period.

The normalized profit margin declined to negative 1.2% from 7.7% in the year-earlier period.

Total revenue declined on an annual basis to 619.1 million rupees from 632.9 million rupees, and total operating expenses grew 9.6% year over year to 662.5 million rupees from 604.5 million rupees.

Reported net income totaled a loss of 9.3 million rupees, or a loss of 13 cents per share, compared to income of 73.4 million rupees, or 1.01 rupees per share, in the prior-year period.

As of Nov. 13, US$1 was equivalent to 142.05 Sri Lankan rupees.