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Carson Cumberbatch swings to profit in fiscal Q1

Carson Cumberbatch PLC said its normalized net income for the fiscal first quarter ended June 30 was 71 Sri Lankan cents per share, compared with a loss of 1.60 rupees per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 139.3 million rupees, compared with a loss of 314.3 million rupees in the prior-year period.

The normalized profit margin increased to 0.6% from negative 1.9% in the year-earlier period.

Total revenue increased 30.5% on an annual basis to 21.68 billion rupees from 16.61 billion rupees, and total operating expenses rose 18.4% on an annual basis to 17.69 billion rupees from 14.94 billion rupees.

Reported net income grew year over year to 1.35 billion rupees, or 6.86 rupees per share, from 585.8 million rupees, or 2.98 rupees per share.

As of Aug. 14, US$1 was equivalent to 130.18 Sri Lankan rupees.